Fingerprint Changes CEO to Spur Growth After Stock Plateausby
Sensor maker looking to expand beyond smartphones, tablets
Stock down this year after soaring 1,600 percent in 2015
Fingerprint Cards AB named Christian Fredrikson chief executive officer as the maker of biometric sensors for mobile phones and tablets seeks expansion, looking to spur growth and revive a stock that’s sputtering after soaring last year.
Fredrikson is currently CEO of Finnish data-security company F-Secure Oyj and has held several leading positions at Nokia Oyj’s networks division, Fingerprint Cards said in a statement Thursday. Joergen Lantto will remain CEO of Fingerprint Cards until Fredrikson takes up his role in August.
The company’s shares jumped 1,600 percent last year on investor optimism more biometric devices such as fingerprint sensors will be included in smartphones, tablets and other products. Fingerprint Cards is benefiting from mobile devices using its sensors to increase security and make applications like wireless payments easier for consumers.
"We’re humble and aware that this is a rapidly changing market and now we want to strengthen the organization to execute on the strategy in the best possible way," Chairman Jan Waereby said on a conference call.
Fingerprint Cards shares slipped 1 percent to 107.8 kronor at 9:59 a.m. in Stockholm, valuing the company at 35 billion kronor ($4.2 billion). The stock has declined 8.5 percent this year.
At F-Secure, Fredrikson will be succeeded by Samu Konttinen, who has been at the company since 2005 and a member of its leadership team since 2009.