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Intuit top execs regrouped

Intuit plans to shuffle its top ranks, promoting its chief to chairman of the board and passing the CEO baton to another executive.

Intuit today announced plans to shuffle its top ranks, promoting its chief to chairman of the board and passing the CEO baton to another executive.

William Campbell, CEO, will become chairman of the board effective August 1. Campbell will replace Intuit founder Scott Cook, who will become executive committee chairman of the board of directors.

William Harris, Jr., an executive vice president, will be promoted to president and CEO, also effective August 1.

"Bill Campbell has been discussing his desire to step back from day-to-day management with me and the board for quite some time," Cook said in a statement. "He has been an incredible CEO for Intuit and has built a very strong management team that will continue to execute the strategy we have in place. We will miss Bill's daily presence but value tremendously the ongoing guidance and advice he will provide in his role as chairman."

Campbell joined the maker of Quicken financial software in 1994 as president and chief executive officer, while Harris joined in 1993 as executive vice president of the company's tax business.

Under Campbell, Intuit's revenues jumped more than threefold, to $598.9 million last year from $194.1 million in 1994. The company also cut away at its losses, posting a profit last year of $68.3 million.

Intuit shares have climbed from the mid-teens when Campbell joined the company to a close of 51.8125 yesterday.