Intuit Cuts The Compensation Of CEO By About Half

4th November 2009

The Intuit Inc. gave its CEO Brad Smith a compensation that valued at an amount of $3.6 million as according to an Associated Press calculation of figures that was disclosed in regulatory filing. This compensation was about the half of what he had earned last year, as the profit of the financial software maker took a hit in the downturn.

The company is known for its software of TurboTax and Quicken, which boosted Smith's salary by 5 percent to an amount of $800,000 for the fiscal year 2009. Also Smith was awarded stock and options worth of $1.9 million at time of their grant. It was down by 61 percent from $4.9 million that he received during the previous year.

The performance based cash compensation of Smith too was cut in half to an amount of $828,000 as reported by a filing made with Securities and Exchange Commission.

His perks and some other compensation came to $65,418, which is a 20 percent drop from those of the previous year and included the matching contributions to the 401(k), long term disability premiums of Smith and also a mortgage subsidy of $52,599.

The 45 years aged Smith has been the president and CEO of this company since January 2008. The lower compensation package of Smith came as the profits of Intuit narrowed due to recession prevailing in the country.