Presto Automation Inc. (NASDAQ: PRST), the industry leader in drive-thru automation technology, today announced that the Board of Directors has accepted the resignation of Rajat Suri, the Company’s founder, as Chief Executive Officer and member of the Board. His resignation is effective immediately, but he will continue to serve as a Strategic Advisor to the Board. Krishna Gupta, the Company’s Chairman since 2017, has been named interim Chief Executive Officer.
Presto was founded in 2008 by Rajat Suri to transform the hospitality industry with enterprise grade technologies. Suri’s vision and passion for innovation has earned the Company the distinction of being a revolutionary technology leader in the hospitality industry. Scott D. Raskin, an independent member of the Board, will become the Company’s Lead Independent Director, effective immediately. The Board is also creating a search committee to recruit a successor to Mr. Suri.
Krishna Gupta, at the age of 35, was the first investor in the Company in 2008. He is the founder of REMUS Capital, a venture capital firm that focuses on technology, and sits on the board of several privately-held applied AI companies. With his experience and understanding of the Company, the Board is confident he will successfully guide the Company through this transition period while a new permanent CEO is chosen.
Mr. Suri expresses his gratitude towards the team and their hard work in creating such a successful company. He also praised the team for their innovation and scalability. It is now up to his replacement, Mr. Gupta, to keep Presto as a revolutionary leader in the hospitality industry.
