TransAct Technologies Inc has announced the impending retirement of Graham Tanaka from its board. In a written statement issued on Monday, the American supplier of printers and software used by casinos said Mr Tanaka intended to retire at this year’s shareholders meeting after serving 22 years on the board.
The company said it will seek out his replacement among the management ranks in the restaurant-chain sector. “TransAct’s board of directors… intends to seek a director with specific restaurant chain operating experience that can help TransAct achieve its goal of establishing a leading position in the restaurant solutions marketplace,” the firm stated.
TransAct also offers technology products tailored to the food and beverage industry.
Mr Tanaka’s leadership “was instrumental in guiding TransAct through several periods of evolution in our product development and in the number of markets we address, as well as in positioning the company for long-term growth,” the statement quoted TransAct chairman and chief executive Bart Shuldman as saying.
Mr Tanaka has indicated that his resignation is not due to any disagreement with the company over its operations, policies or practices.
The biggest single public shareholder in TransAct is Grand Slam Asset Management LLC, a hedge fund based in the U.S. state of New Jersey. Grand Slam said last month that it intended to exert a greater influence in how the company was run and called for an expansion of the board by at two seats.
TransAct announced in November that its net profit rose to US$2.6 million in the third quarter of last year from US$1.8 million a year earlier, as sales increased to US$15.8 million from US$15.5 million – a 2 percent increase.
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