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INTUIT INVESTOR CUTTING HOLDINGS
Relational Investors, an investment group, plans to sharply cut its holdings in Intuit where it has been very quiet despite a noisy start two years ago. According to an SEC filing, the firm has told Intuit that it will sell up to 5,562,500 shares of stock. That is almost 50 percent of its holdings as reported to the SEC on June 21. Relational expressed its confidence in Intuit and its future.
The investment firm purchased its shares two years ago and one of its partners, David H. Batchelder, was given a seat on Intuit’s board after the firm nominated three members as directors and threatened a proxy fight. Relational's other partner, Ralph Whitworth, is considered an expert in corporate governance and has reportedly gone after companies that he considers are being dominated by their CEOs and not performing well. The firm has not disclosed the reason for the original investment in Intuit, and its filing with the SEC, outside of complimenting Intuit, said only that it was seeking to diversify its holdings. Other than mentioning two years ago that Relational and Intuit had common goals, Intuit CEO Brad Smith has not mentioned the investment group again and any impact it has had has not been made public.
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