Mitek Systems Inc. said Aug. 28 that two of its top executives - including CEO Jim DeBello, who has helmed the company for 15 years - were leaving the company.
DeBello will leave by year's end; Jeff Davison, its chief financial officer, at the end of November.
The company's stock (Nasdaq: MITK) dropped sharply on the news, closing at $7.20 per share, 15 percent below its previous day close of $8.50. It was the lowest MITK shares have been priced since February.
The company, in a statement, said Davison was leaving to join a company near his Bozeman, Montana home, and emphasized the resignation was not a result of any disagreement with the company.
No reason was given for DeBello's leave-taking.
In addition to heading Mitek for 15 years, DeBello has been a member of its board of directors for 23 years. He is currently chairman of its board, a role he has held for two years. In recent years he led the company in making three global acquisitions.
Mitek made its name with its Mobile Deposit technology, which is used by banks to allow remote deposit of checks. DeBello is listed as co-inventor on five patents related to the invention. The company more recently introduced Mobile Verify, which companies and organizations use to confirm digital identity.
The company said its lead independent director, Bruce Hansen, a Mitek director since 2012, would immediately take over as chairman of the board. Hansen cofounded and led San Diego's ID Analytics, which was acquired by LifeLock in 2012. Prior Hansen served as president of HNC Software, which was acquired by FICO in 2002.
Mitek said it would retain an executive search firm to find successors for each executive.
It said its guidance for its revenue in fiscal year 2018 was unchanged. The company said it anticipates revenue of $62 million to $63 million, or year-over-year growth of 37 percent to 39 percent.
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