The Board of Directors of PAR Technology Corporation (NYSE: PAR) (“PAR” or “the Company”) today announced the resignation of Paul B. Domorski as Chief Executive Officer and President. Mr. Domorski has also resigned from the Company’s Board of Directors, for which he served as Chairman.
The Board of Directors also announced two executive appointments, effective March 25, 2013. Ronald J. Casciano, currently PAR’s Chief Financial Officer, will become the Company’s Chief Executive Officer and President, as well as a member of the Board of Directors. Mr. Casciano has been Chief Financial Officer of PAR since 1995, having joined the Company in 1983. Robert P. Jerabeck will become Executive Vice President and Chief Operating Officer. Mr. Jerabeck joins PAR from Honeywell International Inc., for which he served in a number of roles within the Honeywell Scanning and Mobility business unit, including leading the global quality assurance team and serving as Chief Technology Officer.
Mr. Sangwoo Ahn, currently the lead independent member of the Board of Directors, has been named Chairman of the Board of Directors.
“On behalf of the Board of Directors, I thank Paul for his contributions,” said Mr. Ahn. “Since joining PAR, he completed a well-executed divestiture, and, despite a challenging economic environment, positioned the Company to capitalize on its well-established positions in the hospitality and government contracting markets. My fellow directors join me in wishing Paul the best in the next phase of his career."Mr. Ahn continued, "The Board of Directors believes Ron Casciano is the best person to lead PAR, given his nearly three decades’ perspective on the Company’s evolution. Ron has driven our efforts to streamline and focus our operations and is well-qualified to direct our further pursuit of sustained, profitable growth. Ron’s strengths will be complemented by those of Bob Jerabeck, who has deep operational expertise, with a long career of leadership in product management, manufacturing, and quality systems. The Board welcomes Bob to PAR, and anticipates he will have a significant impact on the Company’s efficiency and effectiveness.”