NEW HARTFORD — The board of directors at PAR Technology Corp. (NYSE: PAR) of New Hartford on Monday announced the resignation of Paul Domorski as CEO and president.
Domorski also resigned from his role as chairman of the board, the company said in a news release. PAR didn’t provide a reason for the resignation.
Domorski succeeded PAR’s previous CEO, John Sammon, in 2011.
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The board also announced company CFO Ronald Casciano will succeed Domorski as president and CEO and Robert Jerabeck will become executive vice president and chief operating officer.
Casciano became CFO in 1995. He joined PAR in 1983.
Jerabeck joins PAR from Honeywell International, Inc., where he served in various roles within the firm’s scanning and mobility business unit, including chief technology officer and head of Honeywell’s global quality assurance team.
In addition, the company has named Sangwoo Ahn the new board chairman. He had been serving as the lead independent member of the board.
“Since joining PAR, [Domorski] 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,” Ahn said in the release.
The board believes Casciano is the best person to lead PAR, he added.
“Ron has driven our efforts to streamline and focus our operations and is well qualified to direct our further pursuit of sustained, profitable growth,” Ahn said. “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.”
Based in New Hartford, PAR provides hardware and software to the hospitality industry.
The company on Feb. 14 reported a net loss from continuing operations of $3.6 million, or 24 cents a share, in the fourth quarter. The company took charges to restructure its software products and pay some legal costs during the period.
Excluding special charges totaling $7.6 million in the quarter, PAR earned $1.2 million, or 8 cents a share.
In the fourth quarter of 2011, the firm reported net income from continuing operations of $1.8 million, or 12 cents per share.
Contact Reinhardt at ereinhardt@cnybj.com
