SiliconBeat

We failed to open in a timely manner what seemed like a routine press release from Intuit this afternoon based on the e-mail’s subject line, which seemed to be of the self-promotional variety that come from so many companies: “Intuit Aligns Organization to Invest in Connected Services Strategy”

Little did we know that the “investment” included $22 million the company will spend to lay off 575 employees, or 7 percent of Intuit’s workforce.

Having just gone through our fifth round of layoffs at our own workplace, we are no strangers to management-speak when it comes to getting rid of employees, but our employer has never tried to spin it forward as anything but an economic necessity.

In unsettling times, selling stock options may be the best comfort food for someone in Silicon Valley. Hopefully, the $13.7 million worth of stock that Intuit (ticker:INTU) founder and chairman Scott Cook sold last week will bring him some peace of mind.

On August 27, Cook sold 500,000 shares at prices ranging from $27.29 to $27.78 per share to collect $13.7 million. He still holds more than 13 million 25 million shares.

The sales came just a few days after CEO Steve Bennett announced his surprise resignation.

And by the way, if there’s an award for being in the right place at the right time, it ought to go to Cook. Besides founding Intuit, he’s served on the boards at Amazon and eBay. And between the three, he’s made $541.2 million in stock sales over the past 14 years.

UPDATE: Diane Carlini, an Intuit spokeswoman wrote in to tell us that Cook actually still holds more then 25 million shares. And also, she writes:

“Also, it may be misleading to say that the sale came just a few days after CEO Steve Bennett resigned. Intuit filed a Form 8-K on January 16, 2007 that said Scott Cook planned to sell 500,000 shares and donate 100,000 shares every quarter. The timing (which you can confirm over the last few quarters) falls shortly after our quarterly earnings announcement.”

Goodbye, Steve Bennett. Mountain View-based Intuit (ticker:INTU) surprised Wall Street on Wednesday by adding “former” to Bennett’s title. Bennett had run the tax preparation software company since leaving GE in 2000.

The company didn’t give an official reason. In a press release, Bennett said:

“I’m extremely proud of what we’ve accomplished since I joined Intuit in 2000. Now, with eight successful seasons under my belt, the company solidly positioned for the future, and a CEO successor ready to lead the company, it’s the right time for me to take some time off and explore the next challenge in my life.”

The announcement came just after the company released fourth quarter earnings that seemed to be positive. For fiscal year 2007, Intuit reported $637.6 million in net profit, up 13 percent from last year. Revenue was $2.67 billion, up 17 percent from last year.

Still Bennett will get a nice, soft landing. He’ll remain as CEO until Jan. 1, and he’ll consult until July 2008, the end of Intuit’s next fiscal year.

“Are there any parting gifts?” you ask. Why, Yes! According to an 8-K filed on Wednesday:

• Bennett gets his regular salary the rest of this year.
• A single lump sum severance payment of $550,000.00 (less applicable deductions and withholdings, heh-heh).
• After he steps down, he’ll get a monthly consulting fee of $91,700 through July 2008.
• He’ll still be eligible for his annual bonus next year, which could be as much as $1.76 million.
• The company awarded him another 50,000 options that vest next July.
• He also got another 50,000 restricted stock units that vest next July, but would be worth $1.447 million as of Wednesday.
• Under terms of a separate bonus plan, he can elect to receive 340,000 shares of Intuit common stock in January, worth $9,839,600 as of Wednesday.

Bennett will be succeeded by Brad Smith, 43, who currently runs Intuit’s Small Business Division.