Immediately ahead of its Q4 and 2017 fiscal update, IDEX has announced that it’s getting a new CEO. Stan Swearingen, the company’s Chief Products Officer, will replace current CEO Hemant Mardia effective April 1st.
In a statement, IDEX explained that the change is meant to accommodate an “expected step change” in the company’s business as it enters “a new volume commercialisation phase” with respect to its biometric cards. The fingerprint sensor specialist had announced at the end of last month that it would focus its resources exclusively on the area of biometric cards as anticipation continues to grow over the emerging biometric payment cards market.
Offering further commentary in the company’s announcement, IDEX Chairman Morten Opstad thanked Mardia “for his significant contribution to IDEX,” and added that Mardia “will continue in a role where we can benefit from his considerable experience and insight”, though that role has not yet been specified. Opstad also praised Swearingen as “the logical choice to succeed Hemant,” noting that “he has been a key part of IDEX’s executive management team for the last 18 months, which ensures continuity for our customers, partners, employees and shareholders”.
Before he joined IDEX last year, Swearingen served as SVP of MaxTouch Business Unit, and CTO of Atmel. Swearingen also previously held the role of SVP and General Manager of Synaptics’ Biometric Products Division, and was that company’s CTO.
This is the second major CEO shakeup to hit the biometrics industry this year, with algorithm software maker Precise Biometrics having announced the abrupt departure of its own CEO in January. Like IDEX and others, Precise Biometrics has recently sought to pivot to the nascent biometric payment cards market.
February 21, 2018 – by Alex Perala