CHIEF MARKETING OFFICER/BUSINESS DEVELOPMENT OFFICER | Joseph O’Connell, AstroNova Inc.
Since he joined AstroNova Inc. 22 years ago, Joseph O’Connell, vice president of business development, has watched the company grow, playing a key role in its success.
“Over his career, Joseph has contributed to the growth and profitability of our organization,” said Matthew Cook, vice president of human resources and organizational development. “In the past 10 years, Joseph has been instrumental in financial strategy that has grown the stock value in excess of 275 percent.”
An international company located in West Warwick, AstroNova, previously named Astro-Med, is known for its development of digital-visualization technology in products, serving industrial, packaging, aerospace and defense markets.
When AstroNova started, it worked in the aerospace and medical-testing area, manufacturing paper-based, data-acquisition recorders.
“It’s a dynamite company to work for,” said O’Connell. “There is always a good number of things going, and it is an international company. Our business is worldwide, and every day is a new opportunity as we continue to expand.”
Growing the company and increasing revenue fall on O’Connell’s desk.
“Joseph was instrumental in establishing a financial strategy to grow the business debt-free to its current position of [more than] $110 million in annualized revenue and $13.50 share price,” said Cook. “He has implemented positive change in the organization by establishing a professional finance function and bringing our focus to global markets and expanding our global teams into Asia and Latin America, and creating the appropriate employment structure and legal entities to grow our global business.
“He has implemented universal [informational technology] platforms and system upgrades to improve the efficiencies of our process. Joseph was also instrumental in the development of a professional human resources function within the company that is now capable of supporting a substantially larger global business.”
AstroNova was a different company when O’Connell joined in March 1996. It was much smaller, led by founder and chairman Albert Ondis, with annual revenue of less than $44 million and a $3.50 daily share price.
Being a small company was something that attracted O’Connell to AstroNova. He liked the entrepreneurial spirit that Ondis had created and wanted to be part of it.
“[Ondis] was a classic entrepreneur,” he said. “I had been working with a large company and [AstroNova] was a small company that was publicly traded. They had a nice portfolio of companies.”
AstroNova was created in 1969 as an inventor and manufacturer of paper-based, data-acquisition recorders for aerospace and medical testing. From those roots the company has grown to $98.4 million in revenue in 2017 with 353 employees, more than doubling over the last two years.
“Joseph implemented lean manufacturing principles in the financial-analysis function of the business, identifying key capital investments that would drive productivity,’’ said Cook.
In the last four years, AstroNova has acquired four companies, including two in the United States, one in Europe and one in Asia. It has also brought additional businesses and jobs to Rhode Island.
Under O’Connell’s direction, AstroNova has set up international hubs in Frankfurt, Germany, and Shanghai to expand worldwide.
“Joseph continues to provide strategic insight and guidance on how to effectively grow the business,” said Cook.
Another key to AstroNova’s success, according to O’Connell, is the people attracted to work there.
“There is a great respect here [among the employees] and that helps with the environment,” he said. “The CEO and all the senior leaders are involved, and that sets the tone throughout the organization. We hire nice people who are smart.”
