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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 16, 2023, Dan Mosher resigned as President of Presto Automation Inc. (the “Company”). Mr. Mosher informed the Company that he would remain with the Company through a transition period to be agreed. Mr. Mosher served as President of the Company since March 2023 and previously served as Chief Revenue Officer of the Company from March 2021 to March 2023.
In connection with Mr. Mosher’s resignation, the Company and Mr. Mosher will be entering into a separation and release agreement (the “Separation Agreement), the details of which are in the process finalization.
The foregoing summary of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement, which will be filed as an exhibit to the Company’s quarterly report on Form 10-Q for the quarter ending September 30, 2023.
In addition, on October 20, 2023, the Company issued a press release announcing that it appointed Justin Foster to serve as the Company’s Chief Revenue Officer. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |
| 99.1 | Press Release, dated October 20, 2023 | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
PRESTO AUTOMATION INC. | |||
| By: | /s/ Susan Shinoff | ||
| Name: | Susan Shinoff | ||
| Title: | General Counsel and Corporate Secretary | ||
Dated: October 20, 2023
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Exhibit 99.1
Presto Names Justin Foster Chief Revenue Officer
Departure of Dan Mosher, President
SAN CARLOS, Calif., Oct. 20, 2023 (GLOBE NEWSWIRE) – Presto Automation Inc. (Nasdaq: PRST), an enterprise-grade AI and automation solutions provider to some of the nation’s largest restaurant brands, today promoted Justin Foster to Chief Revenue Officer, effective immediately. Mr. Foster brings 15 years of experience leading go-to-market efforts at emerging high-growth technology companies. As Chief Revenue Officer, Mr. Foster will be responsible for all facets of the company’s revenue generation, including growing Presto’s footprint in the emerging voice AI market while retaining signed clients.
“Justin is a great choice to lead Presto’s go-to-market efforts as we continue forward on our mission to automate drive-thrus across the country with Voice AI solutions,” said Xavier Casanova, CEO of Presto. “He has a stellar record leading revenue teams in dynamic and expanding technology markets, and I look forward to working with him to drive growth and further Presto’s market momentum.”
“I am excited to help Presto scale its market-leading Voice AI for the restaurant industry,” said Mr. Foster. “I look forward to building on Presto’s recent success and delivering best-in-class automation solutions for our clients.”
Before joining Presto as SVP of Sales in 2022, Mr. Foster led all go-to-market activities for Liveclicker, a company he co-founded in 2008 and sold to CM Group, now Marigold, in 2018. Liveclicker was focused on the marketing personalization space. Prior to Liveclicker, Justin started and led the services practice at WhatCounts, a technology company focused on customer communications. WhatCounts was sold to Mansell Group in 2010.
After nearly three years at Presto serving as both President and Chief Revenue Officer, Dan Mosher is leaving the company.
“We are grateful to Dan for his tremendous contributions to Presto and wish him success in his future endeavors,” said Mr. Casanova.
About Presto
Presto (Nasdaq: PRST) provides enterprise-grade AI and automation solutions to the restaurant enterprise technology industry. Our solutions are designed to decrease labor costs, improve staff productivity, increase revenue, and enhance the guest experience. We offer our AI solution, Presto Voice™, to quick service restaurants (QSR) and our pay-at-table tablet solution, Presto Touch, to casual dining chains. Some of the most recognized restaurant names in the United States are among our customers, including Carl’s Jr., Hardee’s, Del Taco, and Checkers for Presto Voice and Applebee’s, Chili’s, and Red Lobster for Presto Touch.
Contact
Investors:
Adam Rogers
VP Investor Relations
investor@presto.com
Media:
Brian Ruby
media@presto.com