Bill Harris isn't the CEO of Intuit Inc. (Nasdaq: INTU) anymore. Shares of Intuit fell in aftermarket trading to 95 from a close of 100 9/16 Thursday.
Harris resigned as Intuit's chief executive, the company announced Thursday. Former CEO and current Chairman Bill Campbell was named acting CEO.
The move came without warning. Now that Intuit has established itself in online financial services -- one-fifth of the company's revenues in the first half of this year came from the Internet -- Harris said his job is done.
"It's time for Intuit to move to the next level and it's time for someone else to lead the company," he said. "I have enjoyed being a catalyst for change at Intuit ... But the board and I agree that this is the right time for me to step back from day-to-day management of this billion dollar company so I can focus on my entrepreneurial interests."
Harris remains on Intuit's board. The company is searching for a replacement, Campbell said.
Shares of Intuit fell 2 11/16 to 100 9/16 in Thursday's regular trading prior to the announcement. The share price had been rising recently after the company reported strong fourth quarter results and announced plans for a 3-for-1 stock split. Of a dozen Wall Street firms polled by Zack's Investment Research, eight rate Intuit the equivalent of a "moderate buy", three recommend it as a "strong buy", and one has a "hold" rating on the stock.