Rajat Suri, the founder and CEO of restaurant automation provider Presto, is stepping down.
Presto said in a press release that Suri is leaving to “pursue other creative endeavors” but will continue as a strategic advisor to the company’s board. Krishna Gupta, Presto’s chairman and its first-ever investor will serve as interim CEO until a successor is named.
Gupta calls Suri a “visionary” adding that “under his guidance, the company has clearly established itself as a revolutionary technology leader in the hospitality industry.”
Suri founded Presto in 2008 with a mission to “transform the way cutting-edge technologies can enhance physical, customer-facing experiences.”
The company has grown to one of the largest automation technology providers in the industry. Most recently, it made headway in automating drive-thru ordering with artificial intelligence and securing deals with fast-casual giants Checkers and Del Taco.
Suri continues to be adamant about his stance that restaurant automation is vital for the future success of restaurants and in addressing labor issues. He predicts that every drive-through will be automated within the next five years.
In a statement, Suri said “I’ve had an absolute blast working with the fantastic Presto team on cutting-edge products the world has never seen before. We’ve built the best technology company in this industry, combining both innovation and scalability, and we continue to lead in our markets. Presto is in good hands with a world-class leadership team and dedicated Board members who will take the company to the next level.”
Presto went public in September via a merger with shell company Ventoux, raising about $120 million from the public as well as from investors, marking one of the few successful SPAC deals at the time. Despite the transition into NASDAQ the company’s stock fell 8 percent this year to about $2 and has yet to turn a profit. Presto expects to operate at a loss until 2024.
