Hamden-based transaction-hardware vendor TransAct Technologies Inc. announced Wednesday morning that it had appointed a new interim leader.
The publicly traded company, which produces software technology and printers for casinos, food-service businesses and other gaming entities, named board member John M. Dillon as interim CEO, effective immediately.
He replaces Bart C. Shuldman, who had served as TransAct’s CEO since 1996. Shuldman resigned.
“After 27 years of serving as TransAct’s CEO, it feels like the right time to step away and spend more time with my family,” Shuldman said. “The company is in a position of strength, and I have no doubt that John will help lead TransAct into its next stage of growth.”
Shuldman’s departure comes less than a month after he praised the company’s “record-breaking year” in fiscal 2022, during which TransAct reported a 48% increase in net sales to $58.1 million.
However, the company also reported a $7.7 million operating loss and $5.9 million net loss. Its stock price Wednesday morning was trading at $6.44, down from $7.30 a year earlier.
TransAct on Wednesday also reiterated its 2023 fiscal year guidance of revenue between $70 million and $72 million and earnings before taxes, depreciation and amortization between $5.2 million and $5.4 million.
Board Chair Haydee Olinger said Dillon is an experienced former chief executive who was involved in developing TransAct’s strategic plan.
“He is very familiar with our culture and our operations, having served on our board for more than a decade,” Olinger said.
Dillon received an undergraduate degree from the U.S. Naval Academy and an MBA from Golden Gate University.
