- After about six months in the position
- Search for a successor
(exechange) — San Carlos, California, February 8, 2024 — Xavier Casanova, chief executive of Presto, leaves his position. As announced by Presto Automation Inc. in a regulatory filing published on Thursday, February 8, 2024, Xavier Casanova has left his post as chief executive officer at the provider of artificial intelligence automation for drive-thru restaurants, after about six months in the role, effective February 4, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Presto will undertake a search for a successor.
No reason given
In the announcement, Presto did not explicitly explain the reason for the move.
Precise information regarding Xavier Casanova’s future plans was not immediately available.
Presto said: “On February 4, 2024, Xavier Casanova provided notice to the board of directors of the Company of his decision to resign as Chief Executive Officer (“CEO”) of the Company and all other positions held at the Company, effective immediately.”
Share price decline since August 2023
The announcement follows a decline in Presto Automation Inc.’s share price of 96% since August 2023. August 2023 is the month in which Casanova’s tenure as CEO began.
In the position of CEO since 2023
Xavier Casanova became CEO of the Company in 2023.
Xavier Casanova has served as the Chief Executive Officer since August 2023 and previously served as Chief Operating Officer of Presto from March 2023 to July 2023.
Prior to being appointed as Chief Executive Officer, Casanova served as Chief Product Officer of Presto from July 2022 to March 2023.
Prior to joining Presto, Casanova was Founder and Chief Executive Officer of Liveclicker, Inc., a provider of real-time personalization solutions for business to consumer marketers, from January 2008 until the company’s acquisition by the Campaign Monitor Pty. Ltd. (the CM Group) in July 2018.
He continued to serve as the General Manager of the Liveclicker business segment until October 2019.
Casanova has founded other technology driven start-up companies, such as Wambo and Everystep.
Casanova holds a B.S. in Math and Computer Science from École Polytechnique and a Master of Science in Electrical Engineering from Stanford University.
No statement by Xavier Casanova
The announcement of his departure as CEO does not include a statement by Xavier Casanova.
Push-out Score for Xavier Casanova’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Xavier Casanova’s move on a scale of 0 to 10.
Read the full story in the exechange report 7.2024 ($).