PAR Technology Corporation Announces CEO Transition
07 December 2018 - 8:05AM
Business Wire
Savneet Singh Named Interim CEO and
President
Dr. Donald H. Foley Steps Down as CEO and
President
PAR Technology Corporation (NYSE:PAR) (the “Company”) announced
today that Savneet Singh, a member of the Company’s Board of
Directors since April 2018, has been appointed Interim Chief
Executive Officer (“CEO”) and President of the Company, effective
December 4, 2018. The Company also announced that Dr. Donald H.
Foley has stepped-down as CEO and President, and as a director of
the Company. The Board’s Nominating and Corporate Governance
Committee has initiated a search process to identify a permanent
CEO and has retained a leading executive search firm to assist in
its efforts.
Mr. Singh is a partner of CoVenture, LLC, a multi-asset manager
with funds in venture capital, direct lending, and crypto currency.
He has served as a partner of CoVenture since June 2018. From 2017
– 2018, Mr. Singh served as the managing partner of Tera-Holdings,
Inc., a holding company of niche software businesses that he
co-founded. In 2009, Mr. Singh co-founded GBI, LLC (f/k/a Gold
Bullion International, LLC (GBI)), an electronic platform that
allows investors to buy, trade and store physical precious metals.
During his tenure at GBI, from 2009 – 2017, Mr. Singh served as
GBI’s chief operating officer, its chief executive officer, and its
president. In 2018, Mr. Singh joined the board of directors of
Blockchain Power Trust (TSXV: BPWR.UN; TEP.DB); he also serves on
the boards of directors of LottoGopher Holdings, LLC, Produce Pay,
Inc. and EcoLogic Solutions, Inc.
On behalf of the Board, Cynthia Russo, Lead Independent
Director, commented, “Don helped guide the Company through a period
of significant transition and development. We thank Don for his
service. Looking ahead, the search to identify a permanent CEO is
well underway and we will work diligently to identify the best
candidate to lead the Company and drive stockholder value. We are
pleased to have an executive of Savneet’s caliber lead the Company
during this interim period and expect his technology and business
experience will ensure a smooth transition period.”
Mr. Singh commented, “I am looking forward to working closely
with the Board and management team to move the Company forward
during this transition period.”
ABOUT PAR TECHNOLOGY
PAR Technology Corporation's stock is traded on the New York
Stock Exchange under the symbol PAR. PAR’s Restaurant/Retail
segment has been a leading provider of restaurant and retail
technology for more than 35 years. PAR offers technology solutions
for the full spectrum of restaurant operations, from large chain
and independent table service restaurants to international quick
service chains. Products from PAR also can be found in retailers,
cinemas, cruise lines, stadiums, and food service companies. PAR’s
Government segment is a leader in providing computer-based system
design, engineering and technical services to the Department of
Defense and various federal agencies. For more information visit
http://www.partech.com or connect with us on Facebook and
Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20181206005901/en/
Christopher R. Byrnes (315) 738-0600 ext.
6226cbyrnes@partech.com, www.partech.com
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