Posted 27 March, 2023
Presto Automation Inc. appointed Krishna Gupta as new CEO
Nasdaq:PRST appointed new Chief Executive Officer Krishna Gupta in a 8-K filed on 27 March, 2023.
On March 23, 2023, the Board appointed Krishna Gupta, the Company's Chairman, to serve as Interim Chief Executive Officer until a permanent successor to Mr. Suri is appointed.
Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Presto Automation Inc.
Industrial Goods • Precision Products
Presto Automation, Inc. engages in the provision of enterprise-grade artificial intelligence (AI) and solutions to the restaurant industry. It focuses on its Presto Voice AI. The company was founded by Rajat Suri in 2008 and is headquartered in San Carlos, CA.Market Cap
$23.4M
View Company Details
$23.4M
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 March 27, 2023, Presto Automation Inc. (the "Company") announced that the Company's Board of Directors (the "Board") has accepted the resignation of Rajat Suri, the Company's founder, as Chief Executive Officer and member of its Board for personal reasons effective as of March 21, 2023. Mr. Suri's resignation did not result from any disagreement with the Company on any matter relating to its operations, policies or practices. Mr. Suri will serve as a Strategic Advisor to the Board going forward. On March 23, 2023, the Board appointed Krishna Gupta, the Company's Chairman, to serve as Interim Chief Executive Officer until a permanent successor to Mr. Suri is appointed. Mr. Gupta, 35, has served on the Company's Board since 2017 and as its Chairman since September 2022, when the Company became a publicly-traded company listed on the Nasdaq. Mr. Gupta founded REMUS Capital, a technology-focused venture capital firm, in 2008, and is on the board of directors of several privately-held applied AI companies. Pursuant to 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 pursuant to Mr. Gupta's appointment as Interim Chief Executive Officer. There are no family relationships among any of the Company's executive officers, members of the Board and Mr. Gupta, and there are no transactions with Mr. Gupta that require disclosure pursuant to Item 404(a) of Regulation S-K. In addition, on March 23, 2023, the Board appointed Scott D. Raskin, an independent member of the Board, to serve as the Company's Lead Independent Director, effective immediately. In connection with the leadership transition, the Board has formed a search committee to lead the search for a permanent Chief Executive Officer. A copy of the related press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
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