TransAct Mourns Death of Longtime Board Member, Thomas R. Schwarz

Rhea-AI Summary

TransAct Technologies announces the passing of Board Member Thomas R. Schwarz, who served for over 24 years. Bart Shuldman, Chairman and CEO, expressed deep gratitude for Tom's leadership, innovation, and mentorship during his tenure, highlighting his significant contributions to the company. Tom previously held CEO roles at Grossmans and Dunkin' Donuts. TransAct is a leader in software-driven technology and printing solutions across various high-growth markets, committed to customer-centric innovations.

Positive

• Tom Schwarz's legacy of innovation may inspire continued growth and leadership within the company.
• The long tenure of Tom Schwarz instills stability in the company's leadership transition process.

Negative

• The departure of an experienced board member raises concerns about potential gaps in leadership experience.

TransAct^® Technologies is saddened to announce the passing of longtime Board Member, Thomas R. Schwarz.

“Tom was not just a Board Member here at TransAct, he was an incredible mentor, a lifelong friend, and a true leader of the company. Tom served on the Board over 24 years as an independent director, and leaves behind a legacy of driving innovation and transformation here at TransAct that saw us through some of our most complex business challenges. We cannot be more thankful to him for his service to the company and he will be greatly missed by the TransAct family. Tom was an incredible teacher to me, and I am forever grateful to have had the opportunity to have known and learned from him,” stated Bart Shuldman, Chairman and CEO of TransAct.

Tom had been on the Board of Directors at TransAct for over 24 years. Previously, Tom held the position of Chairman & Chief Executive Officer of Grossmans, a leading retailer of building materials in the Northeastern United States. Prior to that, Tom held a number of senior leadership positions including Chief Operating Officer & Director of Dunkin’ Donuts.

About TransAct Technologies Incorporated

TransAct Technologies Incorporated is a global leader in developing software-driven technology and printing solutions for high-growth markets including food service, casino and gaming, POS automation, , and oil and gas. The Company’s solutions are designed from the ground up based on customer requirements and are sold under the BOHA!™, AccuDate™, EPICENTRAL^®, Epic^®, Ithaca^® and Printrex^® brands. TransAct has sold over 3.3 million printers and terminals around the world and is committed to providing world-class service, spare parts and accessories to support its installed product base. Through the TransAct Services Group, the Company also provides customers with a complete range of supplies and consumable items both online at http://www.transactsupplies.com and through its direct sales team. TransAct is headquartered in Hamden, CT. For more information, please visit http://www.transact-tech.com or call (203) 859-6800.

BOHA! is a trademark of TRANSACT Technologies Incorporated. ©2021 TRANSACT Technologies Incorporated. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511006181/en/

FAQ

Who was Thomas R. Schwarz and what was his role at TransAct?

Thomas R. Schwarz was a longtime Board Member at TransAct Technologies, serving for over 24 years, and was recognized for driving innovation and leadership within the company.

What impact will Thomas R. Schwarz's passing have on TransAct Technologies?

His passing may lead to a leadership transition period that could affect continuity and strategic direction within the company.

How long did Thomas R. Schwarz serve on the board of TransAct Technologies?

Thomas R. Schwarz served on the board for over 24 years.

What were some of Thomas R. Schwarz's previous positions before joining TransAct?

Before joining TransAct, he held CEO positions at Grossmans and Dunkin' Donuts, among other senior leadership roles.