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AstroNova, Inc. (NASDAQ:ALOT), a $86 million market cap technology company, announced Monday that its board of directors has appointed Jorik Ittmann as President and Chief Executive Officer, effective August 15. Ittmann, currently Senior Vice President of Product Identification, will also join the board of directors. Darius G. Nevin, who has been serving as Interim President and CEO, will become Executive Chairman of the board on the same date. According to InvestingPro analysis, the company’s stock is currently trading near its Fair Value, with a FAIR overall financial health score.
Ittmann joined AstroNova in September 2024 as Vice President of Sales and Marketing for Product Identification and was promoted to his current role in June 2025. His previous experience includes executive positions at Health Link Solutions LLC and Zebra Technologies International, LLC.
Padraig Finn, currently Director of Sales EMEA, will succeed Ittmann as Senior Vice President of Product Identification.
AstroNova also entered into a letter agreement with Ittmann outlining his compensation. His annual base salary will be $360,000, with a target bonus under the company’s 2026 Senior Executive Short-Term Incentive Program set at 70% of base salary. Performance goals for the bonus are divided as follows: 25% based on company revenue, 25% on adjusted operating cash flow, and 50% on adjusted EBITDA.
Ittmann will receive a stock-settled performance award valued at $115,753 and a time-based restricted stock unit award valued at $1,500,000, based on the closing price of AstroNova’s common stock on August 15. The restricted stock units will vest on August 15, 2028, with provisions for pro rata vesting if his employment is terminated without cause before that date. Additional provisions apply in the event of a company sale or change in control.
The company also entered into new agreements with three other executives: Thomas DeByle (Vice President, CFO and Treasurer), Tom Carll (Senior Vice President, Aerospace), and Michael Natalizia (Vice President, Technology & Strategic Alliances and CTO). Effective August 15, DeByle’s annual base salary will be $425,000, while Carll and Natalizia will each receive $280,000. Their target bonuses for fiscal 2026 will be 70% for DeByle and 45% for Carll and Natalizia. Each will receive stock-settled performance awards and restricted stock units with values ranging from $11,112 to $1,000,000.
This information is based on a statement in an SEC filing.
In other recent news, AstroNova, Inc. has finalized a separation agreement with former President and CEO Gregory A. Woods, following his resignation. Woods will receive half of his base salary and vehicle allowance over a 52-week period, while his stock units will continue to vest for 12 months. Meanwhile, AstroNova has entered into a letter agreement with interim CEO Darius Nevin, who will receive an annual base salary of $260,000 and stock options vesting monthly through December 2025. The company also rejected a settlement proposal from activist investor Samir (CSE:SAM) Patel, who is seeking board control. Additionally, AstroNova has amended its Senior Executive Short-Term Incentive Plan to correct earlier errors and introduced new performance metrics related to operating cash flow. The company also granted Stock-Settled Performance Awards under its 2018 Equity Incentive Plan. These developments reflect significant changes in AstroNova’s executive management and incentive structures.
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