Intuit (Nasdaq:INTU) announced today that David Batchelder will be added to the board of directors' slate of nominees standing for election at the company's 2009 annual stockholders meeting.
The other nominees, all of whom currently serve on Intuit's board, are: Christopher W. Brody, William V. Campbell, Scott D. Cook, Diane B. Greene, Michael R. Hallman, Edward A. Kangas, Suzanne Nora Johnson, Dennis D. Powell, Stratton D. Sclavos and Brad D. Smith.
Batchelder, 60, has been nominated to fill the seat left vacant by former CEO Steve Bennett, who, as previously reported, is retiring as a director at the 2009 annual meeting. Batchelder is a founder and principal of Relational Investors, a San Diego-based investment fund.
"Over the past several months, we've had constructive dialogue with David and his colleagues at Relational Investors, and share a common vision on future opportunities of Intuit," said Campbell, Intuit's chairman of the board. "We look forward to adding his perspective and experience to our board. His nomination is consistent with our goal to continue to build the value of Intuit for its shareholders."
Batchelder, who has served as a director of 10 different companies, is currently a director of The Home Depot, Inc.
"We're impressed by Intuit's commitment to doing what's best for their shareholders," Batchelder said. "I look forward to the chance to contribute to the board and the management team to help achieve the full potential of this excellent company."
Under the terms of an agreement between Intuit and Relational Investors, Batchelder was nominated for an initial one-year term, and Relational Investors has withdrawn its nomination notice of three board candidates, including Batchelder. Relational Investors also agreed to customary standstill covenants until the 2011 annual meeting of stockholders, with those covenants expiring prior to the 2010 annual meeting if Batchelder is not nominated by the board to stand for election in 2010.
The 2009 annual meeting is scheduled to be held Dec. 15 in Mountain View.
Relational Investors owns 13.2 million shares of Intuit's outstanding common stock, or approximately 4 percent.