Mitek CEO, CFO Both Step Down

Mitek Systems announced that its CEO and Chairman of the Board Jim DeBello will departing his roles at the company, effective Jan. 1, 2019. As a result, Bruce Hansen, Mitek’s lead independent director, will immediately take over as Chairman of the Board and assist with the transition process.

DeBello has been with Mitek for 23 years, serving as its CEO for 15 years and chairman of the board for two years. DeBello helped Mitek become a leading provider of Mobile Deposit and Mobile Verify ID verification, and also played a key role in the company’s listing on NASDAQ. In addition, he successfully expanded Mitek’s product offerings with three global acquisitions and over 50 patents, five of which he holds as co-inventor of Mobile Deposit.

“I am confident that Mitek is strongly positioned for future success, and I look forward to facilitating a seamless transition as a successor is identified. This is a company with tremendous potential, and I expect to watch it succeed for years to come,” said DeBello in a press release.

The company also revealed that CFO Jeff Davison will depart at the end of November to join a firm near his home in Bozeman, Montana. His resignation is unrelated to DeBello stepping down.

“We are immensely grateful for the legacy Jim has created,” said Hansen. “His leadership and loyalty have helped Mitek successfully navigate transitions in the industry, while positioning it for future technological leadership. Similarly, Jeff’s commitment to sound financial management, as well as to open communication with investors, has created a solid foundation for Mitek’s future success.”

Hansen added, “We remain confident in the company’s strategic direction, including the growth of its Mobile Verify and Mobile Deposit businesses, as well as the development of its next-generation Identity solutions.”

Despite these changes, Mitek reaffirmed its full-year total revenue guidance of between $62 million and $63 million, representing year-over-year growth between 37 percent and 39 percent. The company also predicts that it will generate a non-GAAP profit margin of approximately 15 percent to 16 percent.