AstroNova appoints Shawn Kravetz to board following agreement

WEST WARWICK, R.I. - AstroNova, Inc. (NASDAQ:ALOT), a $84 million market cap technology company currently rated ’FAIR’ by InvestingPro’s Financial Health scoring system, has appointed Shawn Kravetz to its Board of Directors effective immediately, following a Cooperation Agreement with Askeladden Capital Management LLC, the company announced Thursday.

Kravetz, who will serve as an independent director and join the Nominating and Governance Committee, was previously nominated by Askeladden to stand for election as a director. The appointment comes as AstroNova faces profitability challenges, with InvestingPro data showing negative earnings in the last twelve months.

"I appreciate the constructive discussions with Askeladden and welcome Shawn to our Board as his perspectives and background complement the experience of our existing directors," said Darius G. Nevin, Executive Chair of AstroNova’s Board.

Kravetz is the Founder, President and Chief Investment Officer of Esplanade Capital LLC, which he established in 1999. He currently serves on the board of Spruce Power Holding Corp. (NYSE:SPRU) and previously served on the Board of Directors of Nevada Gold & Casinos Inc. until its sale in 2019.

As part of the agreement, Askeladden has committed to certain standstill and voting provisions and will support the Board’s full slate of directors at the 2025 Annual Meeting of Shareholders.

"I am excited to join the Board at this time in the Company’s evolution," Kravetz said in the press release statement.

AstroNova, a provider of printing technologies for data visualization, operates through its Product Identification segment and Aerospace segment, generating annual revenues of $156 million. The company expects to announce a new record date and meeting date for its 2025 Annual Meeting of Shareholders soon, with its next earnings report scheduled for September 10, 2025. Investors seeking deeper insights into AstroNova’s financial health and growth prospects can access comprehensive analysis through InvestingPro’s detailed research reports.

In other recent news, AstroNova, Inc. has announced several key developments. The company’s board of directors has appointed Jorik Ittmann as the new President and CEO, effective August 15, with Ittmann also joining the board. This follows the departure of former CEO Gregory A. Woods, who has entered into a separation agreement with AstroNova, receiving half of his base salary and vehicle allowance over a year. Additionally, AstroNova has finalized compensation terms with interim CEO Darius Nevin, who will receive an annual base salary of $260,000 and stock options vesting monthly.

The board has also rejected a settlement proposal from activist investor Samir Patel, who is seeking to gain board control. In another development, AstroNova amended its Senior Executive Short-Term Incentive Plan to correct errors in performance metric definitions. These amendments were necessary to accurately reflect changes in inventory, accounts receivable, and accounts payable. These recent developments highlight significant leadership changes and adjustments in executive compensation and incentive plans at AstroNova.

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