Chris Comparato, who has held the position of CEO since 2015, informed the board of the restaurant payments company on Friday of his decision to step down from his leadership roles effective January 1st.
Toast, the restaurant point-of-sale company, announced on Tuesday that CEO Chris Comparato will be relinquishing his role as CEO and board chairperson on January 1st. Aman Narang, currently Co-President and Chief Operating Officer, will assume the role of CEO at that time.
Comparato, who has been at the helm of Boston-based Toast since 2015, as per a news release, will step down as board chairperson on January 1st but will remain a member of the board, according to a filing with the Securities and Exchange Commission made by the company on Tuesday.
The board has appointed Narang, aged 40, as the company’s CEO effective January. Mark Hawkins, the lead independent director and chairperson of the board’s audit committee, will take over as board chairperson on January 1st.
This CEO transition follows Toast’s decision in June to introduce a 99-cent customer-paid fee for orders placed through its online ordering channels, a move that was later reversed. The fee was initially intended to support product innovations and improvements. During the second-quarter earnings call in August, Comparato admitted that the fee was a “mistake” and stated that Toast would adopt a more thoughtful approach to price increases in response to customer backlash.
Narang, who co-founded Toast with Steve Fredette and Jonathan Grimm in 2011, has been co-president since December 2012 and chief operating officer since June 2021, according to the company’s filing. He has been a member of the board since January 2021, with previous board service from 2011 to 2015 and from 2017 to 2018.
As CEO, Narang will initially continue to receive his current salary of $20,000, which has been his annual cash compensation since the company’s initial public offering in September 2021, as per the filing. His total compensation in 2022 amounted to $3.7 million, according to Toast’s most recent proxy filing.
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