Presstek Inc., the leading drive-thru automation technology provider in the hospitality industry, recently announced the departure of its CEO and founder, Rajat Suri. The Company’s Board of Directors accepted his resignation and he will now be a Strategic Advisor to the Board. His resignation was effective immediately.
Krishna Gupta, the Company’s Chairman since its Nasdaq public listing in September 2022, has been named the Interim CEO. Mr. Gupta, who had first made an investment in the Company back in 2008, has been a Board Member since 2017. In 2008, he also founded the technology-focused venture capital firm, REMUS Capital, and is on the board of directors of several privately-held applied AI companies.
The Board has expressed its gratitude to Mr. Suri for his commitment to the Company and its mission to transform the hospitality industry. Mr. Suri said himself that he’s had a great time working with the team at Presto on never before seen products. He has also expressed his trust in the world-class leadership team and Board of Presto that will take the Company to greater heights.
The Board also announced the appointment of Scott D. Raskin, an independent member of the Board, to the position of Lead Independent Director. The Company has formed a search committee for the purpose of appointing a suitable successor to Rajat Suri as the CEO. Board Chairman Mr. Gupta is confident that he is the appropriate executive to navigate the Company through this transition period and has full faith that a replacement for Suri will be digitally best.
About Presto
Presto (PRST) was founded by Rajat Suri while he attended MIT in 2008 with a mission to employ cutting-edge technologies to elevate physical customer-facing experiences. The Company is headquartered in Silicon Valley in San Carlos and provides enterprise-grade Voice, Vision, and Touch solutions to help grow hospitality businesses.
Presto is one of the largest labor automation technology drivers in the industry with more than 380 million processed transactions. It counts among its customers some of the top 20 restaurant chains in the United States.
The Company’s core mission is to provide reliable solutions that bridge the gap between physical experiences and digital solutions. From enhanced guest experiences to operational efficiency, Presstek is focused on providing innovative solutions that help hospitality companies thrive in an increasingly digital world.
Conclusion
Presstek Inc. is a pioneer in the hospitality industry, providing powerful enterprise-grade solutions that makes use of emerging technologies and trends. The Company’s Board of Directors recently accepted the resignation of its CEO and founder, Rajat Suri, with immediate effect. The Interim CEO has been named to be the Company’s Chairman Mr. Krishna Gupta, who had been the first investor of the Company back in 2008. Mr. Suri expressed his confidence in the excellent leadership team that will take Presto to higher levels. The Board of Directors has also formed a search committee to appoint a suitable successor to Mr. Suri as the new CEO.
