Mitek Reveals Reorganization Plans

After some soul-searching at its annual meeting, Mitek Systems (San Diego) has come away with plans to bring the company out of its recent financial troubles. John Thornton, chairman of the board, has stepped in to fill the role of CFO vacated earlier this month with the departure of John Kessler. The company has also made plans to reduce operating expenses, which includes trimming the workforce immediately. The company hopes to save $650,000 in fiscal '98 through the reduction, a decrease in executive compensation and reassignment of key personnel. Additionally, Mitek has decided to trim its product line and focus on its core businesses, including its QuickStrokes, CheckScript and PFP Pro products. Its payroll product development initiatives will be terminated; no word from the company as to when or how much it will absorb financially as a result of the termination.