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Stephen Bennett, who served as Intuit's CEO from January 2000 to January 2008, has announced he will not seek re-election to the company's board of directors at the next stockholder's annual meeting.

That means the speculation in the last newsletter was on target that Bennett was cleaning out his stock with the summer sale of 304,731 shares that he had acquired through an option exercise. As a reward for his services, the company accelerated vesting 67,500 shares that were granted in January, and which become fully vested and exercisable on the day before Bennett's last day on the board. A prepared statement said these options were worth about $300,000 at the September 30 closing share price. A quarter of the options would have vested on January 31 if the board hadn't taken the action.
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