H&R Block Implements New Tax Business Management Reporting Structure

Russ Smyth to Assume Direct Leadership of Tax Services; New Integrated Approach Designed to Enhance Growth and Reduce Cost

Kansas City, MO, (MARKETWIRE via COMTEX) -- H&R Block (NYSE: HRB) announced today that it is re-aligning its tax and corporate structures. Previously separate retail tax, digital tax, franchise operations, company field operations and corporate units in the tax sector will henceforth be combined into one integrated structure overseen directly by Russ Smyth, President and CEO. The new structure will be flatter, more responsive, and lower cost.

Richard Breeden, Chairman of H&R Block, said, "Over the past year, the company has successfully divested our mortgage and securities brokerage business units. As a result, we are now able to convert from a holding company structure with multiple siloed businesses into an integrated management structure for our tax business. By reducing layers of management and artificial divisions between different tax business channels, we believe we can achieve greater client focus, faster reaction time in the market, and reduced overhead expense. Having our CEO Russ Smyth lead the tax business directly will accelerate our ability to enhance the client experience, and help to revitalize our tax organization as we make it flatter and more nimble."

Russ Smyth said, "Our retail tax business is critical to H&R Block, but H&R Block Online is growing rapidly and has enormous strategic significance to us. In the future we will focus on serving clients the way they want to be served, without worrying about traditional internal organizational separations. We will be realigning our pricing to accentuate value, re-positioning our brand to increase consumer consideration and promoting the unmatched expertise of our Tax Professionals, who are the best in the business. Our new structure will help the entire company focus on serving tax clients whether they need face to face assistance, software and online products to prepare their own returns, or something in between."

As a result of these changes, Tim Gokey, President of Retail Tax, will be leaving the company. "We appreciate Tim's leadership and dedication over the past several years, and the transition assistance he has given me since my arrival last summer. The rest of the management team joins me in wishing him all the best in his future endeavors," Mr. Smyth added.

About H&R Block

H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955. In fiscal 2008, H&R Block had annual revenues of $4.1 billion and provided income tax return preparation and related services to more than 23 million clients, utilizing more than 120,000 highly trained tax professionals. The company provides tax return preparation services in person, online through H&R Block Online, through its TaxCut(R) software and through other channels. The Company is also one of the leading providers of business services through RSM McGladrey.

SOURCE: H & R Block


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