- After almost nine years in the position
- Accolades, praise and thanks for Comparato
- Aman Narang taking over
- Comparato said 76 words
(exechange) — Boston, Massachusetts, September 5, 2023 — This news came shortly after Labor Day. Chris Comparato, chief executive of Toast, leaves his position. As announced by Toast Inc. in a news release and in a regulatory filing published on Tuesday, September 5, 2023, Christopher P. (Chris) Comparato leaves his post as chief executive officer at the restaurant payments and software provider, after almost nine years in the role, effective January 1, 2024.
Chris Comparato’s duties as CEO will be taken over by Aman Narang, currently Co-President, Co-Founder and Chief Operating Officer at Toast Inc.
“Thoughtful succession planning process”
The planned management change is explained as follows. Mark Hawkins, Lead Independent Director and Former President and CFO of Salesforce, stated: “After a thoughtful succession planning process, the Board is confident that Aman is the leader who will continue to propel Toast forward.”
Precise information regarding Chris Comparato’s future plans was not immediately available.
“Step down”
Toast said: “[Aman Narang] 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.”
Toast further said: “On September 1, 2023, Christopher P. Comparato, Chief Executive Officer and Chairperson of the Board of Toast, Inc. (the “Company”), informed the Company’s Board of Directors (the “Board”) that he will step down as Chief Executive Officer of the Company, effective January 1, 2024.”
Share price decline since September 2021
The announcement follows a decline in Toast Inc.’s share price of 65% since September 2021.
In the position of CEO since 2015
Chris Comparato became CEO of the Company in 2015.
Both Comparato and Narang will remain on the Board.
Comparato has been the Company’s Chief Executive Officer since February 2015, the Chairperson of the Company’s Board since November 2021, and a member of the Company’s Board since December 2015.
Previously, Comparato led Customer Success functions at Acquia, Inc. and Endeca Technologies, Inc. (“Endeca”) (acquired by Oracle Corporation (“Oracle”)), and held management roles at Keane, Inc. and Cambridge Technology Partners, both consulting firms.
Comparato holds a B.S. in Mechanical Engineering from Union College. Comparato’s qualifications to serve on the Company’s Board include his management experience and business expertise, including his prior executive-level leadership and experience scaling companies.
76 words by Chris Comparato
In the release announcing his departure as CEO of Toast Inc., Chris Comparato received accolades, praise and thanks.
In announcing his departure, Chris Comparato said 76 words.
“He has the right ‘recipe’ of experience and a growth mindset”
Chris Comparato stated: “Aman is the ideal choice to lead Toast into its next era of growth. 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.”
Push-out Score for Chris Comparato’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Chris Comparato was pushed out or felt pressure to leave his position.
exechange reached out to Toast and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2023 ($).