Mitek Systems, Inc. announced the appointment of Edward H. West as its new Chief Executive Officer and a member of the Board of Directors, effective October 1, 2024. Scott Carter, who served as Interim CEO since June 2024, transitioned to non-executive Chairman of the Board of Directors. This leadership change is expected to drive Mitek's next chapter of growth and business model transformation.
Mr. West brings a proven track record from his previous role as CEO of Cardtronics plc, where he led the company's shift from a hardware-centric business to a broader financial services solutions provider. Under his leadership, Cardtronics achieved double-digit organic growth in the United States and expanded EBITDA margins. His expertise in integrating technology-driven solutions and optimizing efficiency aligns with Mitek's strategy to modernize its platform and expand into new verticals.
In connection with his appointment, Mr. West received employment inducement awards with a grant date fair value of $8,000,000, heavily weighted towards performance-based vesting requirements. These awards include $6,375,000 in performance-vesting restricted stock units (PSUs) tied to stock price performance goals compared to the Russell 2000 and direct stock price improvement, and $1,625,000 in service-based vesting restricted stock units (RSUs). This compensation structure emphasizes building stockholder value.
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