NEXT Biometrics CEO Ritu Favre stepping down
NEXT Biometrics announced today that CEO Ritu Favre will resign from the company effective July 28, 2019 to pursue another professional opportunity with an unnamed United States-based company. Favre has been CEO of the Norwegian biometrics firm since February 2017.
NEXT Biometrics has started the process of identifying qualified candidates for the CEO position. Favre is expected to continue to support the company and the Board of Directors in her current role during the transition period. COO Dan Cronin will serve as interim CEO once Favre transitions and until the CEO position has been filled.
“The decision to take on a new professional challenge is based on personal reasons and I am very grateful for the trust and support that I have received from the NEXT Board of Directors, my management colleagues as well as the entire NEXT team,” says Farve. “I am extremely pleased about the progress that the company has made over the past two years and I am convinced that the outstanding quality of NEXT’s fingerprint sensor technology, its dedicated growth strategy and the team’s passion are the cornerstones for the company’s continued success.”
“We regret Ritu’s decision to step down as NEXT Biometrics’ CEO to join a US-based company, adds NEXT Biometrics board chairman Magnus Mandersson. “On behalf of the Board of Directors, I would like to thank Ritu for her leadership and dedication through a challenging period for the biometrics industry. We appreciate Ritu’s strong contribution to NEXT Biometrics and wish her all the best for her personal and professional future.”
NEXT Biometrics reported revenues of NOK 27.5 million (roughly US$3.2 million) in its first fiscal quarter of 2019, down slightly from the previous quarter but up 18 percent year-over-year amid a shift to revenue generation.