The security hardware company Innovative Card Technologies Inc. has announced that Richard J. Nathan, a director, will become president and chief executive.

The decision was announced Wednesday after the Los Angeles security company's board decided it would not renew the contract of its president and CEO Steven R. Delcarson.

Mr. Nathan has been a director since last December. He headed the board's technology committee until Sept. 29, when he resigned from that role.

Before working with Innovative Card, Mr. Nathan held technology and management posts at other tech companies, including Commodore Computer and Atari Corp.

"Rich is an engineer who understands technology solutions … ; we appreciated his input while serving on the board and are optimistic about having him steer the company," Donald Joyce, the chairman, said in a press release.

The company makes one-time-password tokens in the shape of credit cards. The tokens generate numerical passcodes when a corner of the card is squeezed.

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