Presto Automation Inc. (NASDAQ: PRST) is the largest provider of drive-thru automation technologies for the hospitality industry. It announced today that the Company’s Board of Directors has accepted the resignation of Rajat Suri, its founder, from the position of Chief Executive Officer and member of the board. Mr. Suri has resigned in order to pursue other creative endeavors, and his resignation is effective immediately. The Company has appointed Chairman Krishna Gupta as Interim Chief Executive Officer until a suitable successor is found.
Krishna Gupta, 35, has been involved with the Company since 2008, when he was the Company’s first investor. Recognizing the Company’s potential to revolutionize the hospitality industry with advanced technologies, Gupta has been on the Presto Board since 2017 and since September 2022, when the Company went public. He has additionally founded REMUS Capital, a venture capital firm specialized in technology investments.
Rajat Suri, the founder of Presto, is widely recognised as a leader and visionary in the automation and restaurant technologies industry. Under his guidance, the Company has swiftly established itself as an industry trailblazer. Scott D. Raskin, an independent board member, will be taking up the role of Lead Independent Director while the Board sets up a search committee to find a suitable successor to Suri.
Presto is transforming the physical world with its Voice, Vision, and Touch technologies to help businesses in the hospitality industry grow. Already processing 380 million transactions, the Company is one of the largest labor automation technology providers in the industry. Founded by Rajat Suri at the Massachusetts Institute of Technology in 2008, Presto’s headquarters are in Silicon Valley and it works with some of the top 20 restaurant chains across the United States.
Krishna Gupta has expressed his full confidence that the Company is in capable hands with a leadership team and Board who will take Presto to the next level. Mr. Suri is similarly optimistic and assured that the Company will continue to develop groundbreaking products in the years to come.
With the technology industry, hospitality sector, and world-changing rapidly on all fronts, Presto is well-positioned to lead the way. Moving forward, the Company is committed to bringing advanced technologies to both its clients and the world.
