PAR Technology Corporation Announces Retirement of CEO Ronald J. Casciano; Election of Karen E. Sammon as CEO & Board Member
November 17 2015 - 7:30AM
Business Wire
PAR Board Also Elects Dr. Donald H. Foley to
Serve on Board of Directors
PAR Technology Corporation (NYSE:PAR), today announced the
retirement of Ron Casciano from his position as CEO & President
effective January 1, 2016. Mr. Casciano who became CEO in 2013,
also served as the Company’s Chief Financial Officer for 16 years
prior to assuming his current position. Mr. Casciano originally
joined PAR in 1983 and will remain on PAR’s Board of Directors.
Cynthia Russo, the Lead Director of PAR’s Board commented: “Ron
is retiring from PAR with a significant legacy. On behalf of the
entire Board of Directors, I want to thank him for his strong
leadership. During his tenure as CEO, Ron has led the Company’s
improvement on essentially every key operating metric and provided
solid stewardship during several acquisitions and divestitures. In
addition, he has recruited and developed an outstanding management
team and strengthened the Company's culture and mission. We are
grateful for his many accomplishments over the years and wish him
and his family the very best in retirement.”
PAR also announced the election by the Company’s Board of
Directors, effective January 1, 2016, of Karen Sammon to the
position of Chief Executive Officer, President and Board member.
Ms. Sammon is currently President of ParTech, Inc., the Company’s
largest subsidiary, serving the restaurant, retail and food safety
industries. During Ms. Sammon’s lengthy and successful tenure at
PAR she has served in roles that included Corporate Counsel,
Investor Relations, Chief Marketing Officer and President of PAR’s
software organization. While President of ParTech, Inc., Ms. Sammon
has spearheaded the efforts to increase the Company’s software and
recurring revenues and managed the realignment of PAR’s restaurant
technology business to maximize efficiencies and operational
performance. Ms. Sammon previously was Senior Vice President
Operations at The CBORD Group. CBORD operates as a unit of Roper
Technologies, Inc., a diversified software technology company and a
constituent of the S&P 500, Fortune 1000, and the Russell 1000
indices. Ms. Sammon currently serves on industry boards including
Penn State School of Hospitality Technology Board of Directors and
the FS TEC Advisory Board.
Director Russo continued, “Karen has been a leader in redefining
the nature of our business. She was the architect of the strategy
to refocus PAR on expanding software solutions and recurring
revenue growth through acquisition and organic development. She has
been instrumental in restructuring and reorganizing PAR, improving
profitability in the process, and re-allocating resources to
high-growth areas. Karen has inspired colleagues through her energy
and vision, and we look forward to great things under her
leadership.”
Commenting on his retirement, Casciano stated: “PAR’s employees,
innovative technologies and long history of market leadership are
the true differentiators for our Company. It has been an honor and
a privilege to serve as PAR’s CEO. Our Company has made significant
progress in our transformation to a software company focusing on
recurring revenues. Karen and I have worked closely together for
many years, collaborating on everything from business development
and customer relations to talent development and strategy. She is a
tremendous asset to PAR. In closing, I am grateful to have
befriended so many colleagues around the world; I wish them all
well and thank all of PAR’s employees for their hard work and
professionalism.”
Additionally, PAR announced today that the Board of Directors
has elected Dr. Donald H. Foley to serve as a new director to the
PAR Board set to begin on January 1, 2016.
With more than two decades of experience as business line
president of a large dynamic, government contract technology-based
company, SAIC (now known as Leidos), Dr. Foley held various C-level
and executive roles, including being a previous SAIC Board Member.
Dr. Foley’s executive positions included serving as Chief
Technology Officer and as Group President of their Research &
Intelligence Group. Dr. Foley also previously was Director of the
Special Programs Office for the Defense Advanced Research Projects
Agency (DARPA).
Ms. Russo commented, “We are pleased to welcome Don Foley to the
Board of Directors at PAR Technology. Don is an industry-recognized
strategist and visionary in the federal government contracting
sector and will provide insight and guidance to help PAR achieve
its goals.”
ABOUT PAR TECHNOLOGY
PAR Technology Corporation's stock is traded on the New York
Stock Exchange under the symbol PAR. PAR’s Hospitality segment has
been a leading provider of restaurant and retail technology for
more than 30 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
Business is a leader in providing computer-based system design,
engineering and technical services to the Department of Defense and
various federal agencies. Visit www.partech.com for more
information.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151117005489/en/
PAR Technology CorporationChristopher R. Byrnes, 315-738-0600
ext. 6226cbyrnes@partech.com
PAR Technology (NYSE:PAR)
Historical Stock Chart
From Mar 2024 to Apr 2024
PAR Technology (NYSE:PAR)
Historical Stock Chart
From Apr 2023 to Apr 2024