Presto Automation Inc is a publicly-traded technology company listed on the Nasdaq which specializes in automation of small and medium Enterprises. It was founded by Rajat Suri and was on track to become a leader in the automation industry until it recently announced on March 27, 2023 the departure of Rajat Suri, the Company’s founder, as Chief Executive Officer and member of its Board for personal reasons. In response to the announcement, the Board of Directors (the “Board”) accepted the resignation and appointed Krishna Gupta, the Company’s Chairman, to serve as Interim Chief Executive Officer until a permanent successor to Mr. Suri is appointed. The Board has also appointed Scott D. Raskin, an independent member of the Board, to serve as the Company’s Lead Independent Director.
Krishna Gupta, 35, is a technology-focused venture capitalist who has served on the board of directors of several applied AI companies, including his own venture capital firm, REMUS Capital, which he founded in 2008. In connection with his appointment as Interim Chief Executive Officer, Mr. Gupta will receive an annual base salary of $400,000 and Restricted Stock Units valued at $250,000 upon the attainment of certain performance measures. There are no other arrangements or understandings with Mr. Gupta regarding his appointment and no transactions with Mr. Gupta that require disclosure pursuant to Item 404(a) of Regulation S-K. Mr. Suri will continue to serve the company as a Strategic Advisor to the Board going forward.
In order to replace Rajat Suri, the Board has formed a search committee to lead the search for a new permanent Chief Executive Officer. It is anticipated that Presto Automation will be able to find the right successor to lead their way in the Automation industry. The related press release is attached as Exhibit 99.1 as part of this Current Report on Form 8-K.
