Toast Inc. appoints new Chief Accounting Officer

In an executive shakeup, Toast (NYSE:TOST) Inc., a Boston-based company specializing in computer processing and data preparation with a market capitalization of $22.83 billion, has announced the appointment of Gail Miller as Chief Accounting Officer and principal accounting officer, effective March 3, 2025. According to InvestingPro data, Toast has demonstrated strong revenue growth of 29.5% over the last twelve months, though the company currently trades slightly above its Fair Value. This decision was disclosed in a recent filing with the Securities and Exchange Commission.

Miller, 46, brings a wealth of experience to Toast, having previously served as Chief Accounting Officer at Remitly Global, Inc. from May 2023 to February 2025. Before her tenure at Remitly, she held the same position at Shift4 Payments, Inc. from April 2016 to May 2023. Miller's track record includes overseeing international teams and managing a broad range of financial functions. Her appointment comes at a crucial time, with Toast's next earnings report due on February 19, 2025, and analysts maintaining price targets ranging from $27 to $50.

As per the announcement, Miller's compensation will include a base salary of $400,000 annually, along with a one-time sign-on bonus of $100,000. She will also be eligible for an annual target bonus equal to 40% of her base salary under the company's Senior Executive Cash Incentive Bonus Plan. Furthermore, Toast intends to grant Miller restricted stock units valued at $3,300,000 and stock options worth $2,200,000, both subject to a four-year vesting schedule and continued service with the company.

Simultaneously, Elena Gomez, who served as the interim Chief Accounting Officer, has been appointed President of the company. Gomez will cease her interim accounting role upon Miller's effective start date and will continue her existing roles as President, Chief Financial Officer, and principal financial officer without any additional compensation changes.

The company's filing did not report any additional arrangements or understandings concerning Miller's appointment, nor any family relationships between Miller and any current directors or executive officers. The filing also stated that no information involving Miller required disclosure under SEC Regulation S-K Item 404(a).

This management transition comes as Toast Inc. continues to position itself within the competitive landscape of technology services. The information provided is based on the company's latest SEC filing.

In other recent news, Toast Inc. has been the focus of several analyst firms. DA Davidson maintained a neutral rating on the company with a $38 price target, anticipating the upcoming earnings report to meet or slightly surpass both DA Davidson's and consensus forecasts. Meanwhile, Oppenheimer initiated coverage on Toast with an Outperform rating and a $46 price target, highlighting the company's potential to benefit from the restaurant industry's shift to integrated, multi-channel software solutions. BMO Capital Markets also began coverage on Toast, assigning an Outperform rating and a $45 price target, based on the company's potential to improve unit economics and drive growth in average revenue per user.

In other developments, an RBC analyst indicated a positive shift in the sentiment of American small and medium-sized businesses, which could lead to increased technology investments, potentially benefiting companies like Toast. Furthermore, Toast and Uber Technologies (NYSE:UBER) announced an extension of their partnership aimed at enhancing delivery options for U.S. restaurants, integrating Toast Delivery Services with Uber Direct.

These recent developments highlight Toast's potential for growth and the confidence analysts have in the company's future performance. However, the company's earnings report and management's financial guidance for the rest of the year will provide further clarity.

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