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Posted 05 September, 2023

Toast, Inc. appointed Aman Narang as new CEO

NYSE:TOST appointed new Chief Executive Officer Aman Narang in a 8-K filed on 05 September, 2023.


  On September 1, 2023, the Board appointed Aman Narang, the Company's current Co-President, Co-Founder and Chief Operating Officer, to succeed Mr. Comparato as Chief Executive Officer of the Company, effective January 1, 2024.  

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Overview of Toast, Inc.
Technology • Software
Toast, Inc. engages in the development and provision of consumer payment application for restaurants. It offers terminals, kiosk, guest facing display, and system accessories. The firm also offers point of sale, reporting and analytics, online ordering and delivery, and kitchen display system. The company was founded by Jonathan Grimm, Aman Narang, and Stephen J. Fredette in December 2011 and is headquartered in Boston, MA.
Market Cap
$13.4B
View Company Details
Relevant filing section
Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

On September 1, 2023, Christopher P. Comparato, Chief Executive Officer and Chairperson of the Board of Toast, Inc. (the "Company"), informed the Company's Board of Directors (the "Board") that he will step down as Chief Executive Officer of the Company, effective January 1, 2024. Mr. Comparato will also step down from his role as Chairperson of the Board at such time but plans to continue serving as a member of the Board. 

On September 1, 2023, the Board appointed Aman Narang, the Company's current Co-President, Co-Founder and Chief Operating Officer, to succeed Mr. Comparato as Chief Executive Officer of the Company, effective January 1, 2024. Mr. Narang, 40, is a Co-Founder of the Company and has served as its Co-President since December 2012 and Chief Operating Officer since June 2021, and as a member of the Board since January 2021. Mr. Narang also served as a member of the Board from December 2011 to December 2015 and from June 2017 to June 2018. Previously, Mr. Narang worked in Product Management at Oracle. Mr. Narang holds a B.S. and M.S. in Computer Science from the Massachusetts Institute of Technology. 

In his role as Chief Executive Officer, Mr. Narang will initially continue to receive his current annual salary of $20,000, which has represented his annual cash compensation since the Company's initial public offering in September 2021. Mr. Narang will also continue to be subject to the Company's Executive Severance and Change in Control Policy (the "Policy"), and has entered into a letter agreement, effective January 1, 2024, that supplements the Policy in the form attached as Exhibit 10.1 (the "Letter Agreement"). The Letter Agreement provides that, for purposes of calculating any severance payments under the Policy, Mr. Narang's base salary will be deemed to be the greater of his base salary immediately prior to termination or $250,000, and his bonus will be deemed to be the greater of his bonus immediately prior to termination or $185,000. The Letter Agreement also provides for a modified definition of "Good Reason" under the Policy and terms related to Mr. Narang's service on the Board in connection with his tenure as Chief Executive Officer. The foregoing summary of the Letter Agreement is not complete and is qualified in its entirety by reference to the full text of the Letter Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference. 

Additionally, the Board has appointed Mark Hawkins, Lead Independent Director and Chairperson of the Audit Committee of the Board, to serve as the Chairperson of the Board, effective January 1, 2024. The composition of the Board and its respective committees did not otherwise change as a result of the appointments described above.