Zwipe appoints new CEO, founder moves to new role
The Board of Directors of Norwegian biometrics technology company Zwipe appointed André Løvestam as the company’s new Chief Executive Officer effective March 1, 2018. Løvestam replaces founder Kim Humborstad.
Løvestam comes from The Future Group (TFG), an international media technology company, where he served as Head of Asia Pacific. He has also held CEO and executive positions at publicly listed Nordic ICT and FMCG companies, including Atea, TeleComputing, Tomra and Orkla.
Humborstad, who served as the company’s CEO from 2009, has moved to a new role as Zwipe’s Chief Growth Officer driving growth and supporting the alignment between customer and partner needs and marketing, product development and R&D. Humborstad is expected to be elected to the Board of Directors at the shareholders’ meeting this month.
“André Løvestam’s experience and expertise are well suited to the strategic goals of Zwipe, including operational scale-up, increased international sales and corporate financing activities,” said Chairman of the Board of Directors, Clas Thelin. “He has a proven track record as an enthusiastic and successful leader, assets that will be of great value for Zwipe.”
Humborstad added, “I am tremendously proud of what we’ve built with Zwipe, taking the biometric card concept from an idea to a strong industry position in an emerging global biometrics market. Now I look forward to sharpen focus on market adoption and top-line growth, while supporting André in building the operational machinery and ensuring the financing required to implement Zwipe’s ambitious growth strategy.”
In December, Zwipe raised an additional $1.2 million (NOK 9.6 million) on top of the $4.3 million (NOK 35 million) private placement of new shares announced November 30. The size of the equity capital raise was increased to meet demand for shares from existing shareholders.