PAR Technology CEO steps down, acting chief named

PAR Technology said Thursday that President and CEO Donald Foley has stepped down both from those roles and the board of directors, while board member Savneet Singh has been appointed interim chief executive.

Foley joined the technology services company in April of last year as CEO after a nearly three-decade career that included time in senior executive roles at Science Applications International Corp.

New Hartford, New York-based PAR’s board of directors has started the search process and hired an undisclosed executive recruiting firm to aid in the process.

Widely known as a retail technology provider, PAR also has a government business that provides engineering and technical services to defense and other federal agencies. The company posted $232.6 million in overall sales last year with nearly one-forth of that in the government market, according to regulatory filings with the Securities and Exchange Commission.

Those filings indicate PAR’s 24-percent government revenue decline stemmed from lower activity in its program management office and mission systems business. PAR has spent recent years pivoting the government business more toward contracts in the intelligence, surveillance and reconnaissance domain.

Singh is a partner in private investment firm CoVenture and prior to that was managing partner of software business holding company Tera-Holdings, which he helped found. Prior to that, he helped found electronic trading platform company Gold Bullion International, which is used by investors involved in the trade of precious metals.