Mitek CFO Decides To Stay

Mitek Systems’ CFO has decided not to resign from the company.

In August, the company announced that CFO Jeff Davison would be departing at the end of November to join a firm near his home in Bozeman, Montana. It was also revealed that its CEO and chairman of the board Jim DeBello would be leaving 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.

But now, according to an SEC form filed by Mitek, Davison has decided to stay with the company as CFO under his previous offer.

Earlier this month, Mitek announced that it had named Max Carnecchia as its new chief executive officer, and appointed him to the company’s Board of Directors, effective immediately.

Carnecchia brings decades of success leading enterprise software, Software-as-a-Service (SaaS) and analytics companies. He was CEO of publicly traded Accelrys, where he boosted revenue from $75 million to $185 million while successfully transitioning the company into the leading global provider of scientific product lifecycle management software and services.

“Powerful trends in digital transformation are creating major opportunities for our solutions,” said Bruce Hansen, chairman of the board. “With Mr. Carnecchia’s impressive record of shareholder value creation at multiple public companies, Max is joining Mitek at a pivotal time. His proven record of driving growth and operational excellence will propel Mitek to the next level.”

Most recently, Carnecchia was CEO of Illuminate Education, the leading cloud-based student assessment and reporting platform. He also served as interim CEO of Interwoven, which he led through numerous acquisitions and initiatives to significantly grow revenue, while improving operating margins, profitability and cash flow. As a result, Interwoven was acquired in 2009 for a significant premium.

“Mitek is an exciting company with market leadership in Mobile Deposit, and on a path to accelerated growth with its digital [identity] verification solutions,” said Carnecchia. “I’m thrilled to join this team, which has consistently delivered outstanding results. Together, I am confident we can execute on the strategy and pursue all opportunities available to us to create value for shareholders.”