Plano, Texas (Dec. 22, 2003) -- Shortly after Intuit Inc. announced the restructuring of its Professional Accounting Solutions unit into two separate companies, the group's leader, Dan Manack, acquired a large block of Intuit stock and then sold it off at a $464,625 profit.
Manack, whose position is being eliminated, acquired 43,750 shares of Intuit stock for $39. 58 a share on Nov. 16, 2003, and then sold them for $50 a share, according to filings with the Securities and Exchange Commission. On Nov. 14, Intuit announced that it spilt PAS into two distinct organizations, Pro Tax, consisting of the company's professional tax compliance software business units, and Accountant Central, which is responsible for "driving the overall accountant strategy across all Intuit business units."
Intuit has said its restructuring "streamlines ownership and accountability and enhances the company's ability to meet accountants' needs." It launched PAS in October of 2002 as an umbrella organization for its professional tax compliance software group and its advisor organizations -- which include about 20,000 QuickBooks Pro Advisor consultants and members of its payroll services referral program -- and charged PAS with helping it create product development strategies for the accounting profession.
Before PAS, Manack headed Intuit's professional tax compliance solutions operations, which include the Lacerte and Pro Series lines, for about ten months.
-- John M. Covaleski
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