NEXT Biometrics CEO Ritu Favre will step down from the position on July 28th, the company has announced.
The decision appears to be a personal one on the part of Favre, who has opted to pursue another professional position with an as-yet-unnamed US company. In announcing her planned departure, NEXT Biometrics asserted that the move was agreed upon “in best mutual consent”. In the meantime, she will continue to support the company and its Board as it seeks out a new CEO; and Chief Operating Officer Dan Cronin will step into the role as interim CEO.
Favre took the helm of NEXT Biometrics in February of 2017, and has spent much of her tenure overseeing the development and initial commercialization of its fingerprint sensor technology for smart cards and payment cards. NEXT Biometrics’ fourth quarter fiscal update at the end of February found the company “pivoting from product development to revenue generation,” as Favre explained at the time, suggesting that now is an appropriate moment for new leadership to take the reins and drive the company’s escalating market efforts.
“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,” Favre said.
NEXT Biometrics Chairman of the Board Magnus Mandersson, meanwhile, expressed gratitute to Favre “for her leadership and dedication through a challenging period for the biometrics industry,” adding, “We appreciate Ritu’s strong contribution to NEXT Biometrics and wish her all the best for her personal and professional future.”
May 28, 2019 – by Alex Perala