Toast Announces Leadership Transition
05 Septiembre 2023 - 7:30AM
Business Wire
Aman Narang, Co-Founder and COO, to become CEO
effective January 1, 2024
Current CEO Chris Comparato to remain on Board
upon Narang’s appointment
Toast (NYSE: TOST), the all-in-one digital technology platform
built for restaurants, today announced the appointment of Aman
Narang as CEO, effective January 1, 2024. Narang has served as
Toast’s Co-President since December 2012 and Chief Operating
Officer since June 2021. He will take over as CEO from Chris
Comparato, who has served as the company’s CEO since February 2015,
leading Toast through a remarkable period of growth with a focus on
profitability and operational excellence. Both Comparato and Narang
will remain on the Board.
Since co-founding the company in his basement in 2011 alongside
Steve Fredette and Jonathan Grimm, Narang has been in instrumental
leadership roles across the company as it scaled. Responsible for
Sales, Marketing, and Business Development in Toast’s early years,
his role expanded over time to include the Customer Success
organization, the Fintech line of business, Operations, and other
critical functions and key initiatives. Prior to Toast, Narang
worked in product management at Endeca, now part of Oracle. He
holds BS and MS degrees in computer science from the Massachusetts
Institute of Technology.
“Aman is the ideal choice to lead Toast into its next era of
growth,” said Chris Comparato, CEO of Toast. “Aman knows Toast
better than anyone, he knows the restaurant community, he is
passionate about our customers, and he has the right ‘recipe’ of
experience and a growth mindset. I have worked side-by-side with
Aman since I joined Toast in 2015 and I am delighted to be
transitioning the CEO role to him and continuing to support Toast
as a board member.”
During Comparato’s tenure as CEO, notable achievements include:
growing Toast’s customer base to approximately 93,000 restaurant
locations1; taking the company public in 2021; growing from 50 to
4500 employees globally2; exceeding $1B in ARR3; transforming Toast
into a multi-product company; expanding into the enterprise segment
and international markets; and navigating the COVID-19
pandemic.
“The Board extends its deepest gratitude to Chris for his nine
years of leadership and results during a transformational time for
Toast,” said Mark Hawkins, Lead Independent Director and Former
President and CFO of Salesforce. “After a thoughtful succession
planning process, the Board is confident that Aman is the leader
who will continue to propel Toast forward. He will be a dynamic,
focused founder-CEO surrounded by an outstanding team and we look
forward to working with him in this new capacity.” Effective
January 1, 2024, Hawkins will become Chair of the Toast Board of
Directors.
“Chris has led Toast through an incredible period of growth, and
I have deeply valued his mentorship and friendship as we built
Toast into the industry leader it is today,” said Aman Narang, COO
and Co-Founder of Toast. “The past decade since we founded Toast
has been such a remarkable journey. I am honored and excited to
accept the responsibility of CEO. It is an exciting time to be part
of the restaurant community and I am grateful and ready for the
opportunity to serve it and our Toast employees as we continue to
deliver on our mission to help the industry thrive.”
About Toast
Toast [NYSE: TOST] is a cloud-based, all-in-one digital
technology platform purpose-built for the entire restaurant
community. Toast provides a single platform of software as a
service (SaaS) products and financial technology solutions that
give restaurants everything they need to run their business across
point of sale, operations, digital ordering and delivery, marketing
and loyalty, and team management. By serving as the restaurant
operating system across dine-in, takeout, and delivery channels,
Toast helps restaurants streamline operations, increase revenue,
and deliver amazing guest experiences. For more information, visit
www.toasttab.com.
FORWARD LOOKING STATEMENT
This press release contains “forward-looking statements,” within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the context of the statement and
generally arise when Toast or its management is discussing its
beliefs, estimates or expectations. Such statements generally
include the words “believes,” “plans,” “intends,” “targets,” “may,”
“could,” “should,” “will,” “expects,” “estimates,” “suggests,”
“anticipates,” “outlook,” “continues,” or similar expressions.
These statements are not historical facts or guarantees of future
performance, but represent the beliefs of Toast and its management
at the time the statements were made regarding future events which
are subject to certain risks, uncertainties and other factors, many
of which are outside Toast’s control. Actual results and outcomes
may differ materially from what is expressed or forecast in such
forward-looking statements. Forward-looking statements include,
without limitation, statements about Toast’s future financial
performance, operating results and business strategy; and Toast’s
leadership transition plan. The forward-looking statements
contained in this release are also subject to other risks and
uncertainties, including those more fully described in Toast’s
filings with the Securities and Exchange Commission (“SEC”),
including in the sections entitled “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations'' in Toast’s Annual Report on Form 10-K for the year
ended December 31, 2022, Toast’s Quarterly Report on Form 10-Q for
the three months ended June 30, 2023, and Toast’s subsequent SEC
filings. Toast can give no assurance that the plans, intentions,
expectations or strategies as reflected in or suggested by those
forward-looking statements will be attained or achieved. The
forward-looking statements in this release are based on information
available to Toast as of the date hereof, and Toast disclaims any
obligation to update any forward-looking statements, except as
required by law. These forward-looking statements should not be
relied upon as representing Toast’s views as of any date subsequent
to the date of this press release.
TOST-CORP
Source: Toast, Inc.
__________________________ 1 As of June 30, 2023. 2 As of
December 31, 2022. 3 As of June 30, 2023.
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