H&R Block Combines Tax Operations

KANSAS CITY, Mo. (AP) — H&R Block Inc., the nation's largest tax preparer, said Thursday it is restructuring some of its operations to lower costs and improve responsiveness.

The company said its retail tax, digital tax, franchise operations, field operations and corporate units in the tax sector are being combined and will be overseen directly by H&R Block President and Chief Executive Russ Smyth.

H&R Block will change its pricing and brand, Smyth said in a statement, without elaborating.

H&R Block has divested its mortgage and securities brokerage business units over the past year, and can now "convert from a holding company structure ... into an integrated management structure for our tax business," Chairman Richard Breeden said.

As a result, Tim Gokey, H&R Block's president of retail tax, will be leaving the company.

Shares of H&R Block fell 34 cents, or 2.4 percent, to $13.94 in afternoon trading Thursday. The stock has traded between $14.27 and $27.97 over the past 52 weeks.