Novatel makes CEO change, guides Q3 below consensus

• Novatel (MIFI) chairman and former T-Mobile COO Sue Swenson is the company's new CEO. She replaces Alex Mashinsky, whose employment has been "terminated," Mashinsky has also been required to leave the board.
• Novatel now expects Q3 revenue of $54M-$55M vs. prior guidance of $52M-$60M and a $56.3M consensus. Adjusted EBITDA guidance has been narrowed to -$0.2M to -$0.6M from -$1.6M to $0.1M. Q3 results arrive on Nov. 5.
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