Sally Thornton, a director of San Diego-based Mitek Systems Inc. for decades and the wife of company Chairman John Thornton, stepped down from her seat on the board Nov. 4, the company told securities regulators.
The business appointed James Hale, co-founder of FTV Capital, to fill the seat. FTV Capital has offices in San Francisco and New York and manages $1.7 billion in growth equity funds.
Mitek (Nasdaq: MITK) makes imaging software for the banking industry and has a market capitalization of about $108 million. The business broke even in the fourth quarter, reporting net income of $2,050 on revenue of $5.54 million. For the fiscal year, which ended Sept. 30, Mitek reported a net loss of $5.2 million on revenue of $19.2 million.
More than 3,000 organizations have licensed Mitek’s image-capture technology; tens of millions of consumers use it.
John Thornton has been a director with the company since its beginning in 1986. He and Sally Thornton are philanthropists who also own the Thornton Winery in Temecula.