Intuit Cuts CEO's Compensation By About Half

MOUNTAIN VIEW, Calif. (AP) — Intuit Inc. gave CEO Brad Smith compensation valued at $3.6 million, according to an Associated Press calculation of figures disclosed in a regulatory filing made Friday. The compensation was about half of what he earned last year, as the financial software maker's profit took a hit in the downturn.

The company, known for its TurboTax and Quicken software, boosted Smith's salary by 5 percent to $800,000 for fiscal 2009. Smith was also awarded stock and options worth $1.9 million at the time they were granted. That was down 61 percent from the $4.9 million he received the previous year.

Smith's performance-based cash compensation was also cut in half to $828,000, according to a filing made with the Securities and Exchange Commission.

His perks and other compensation came to $65,418, a 20 percent drop from the previous year. It included matching contributions to his 401(k), long-term disability premiums and a mortgage subsidy of $52,599.

Smith, 45, has been president and CEO of the company since January 2008.