Home Economy Economic Activity Woods resigns as CEO and president of AstroNova

Woods resigns as CEO and president of AstroNova

Updated at 4:11 p.m.

By

PBN Staff

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06/30/2025

Gregory A. Woods — GREGORY A. WOODS, who has led AstroNova Inc. as CEO and president since 2014, has resigned. / PBN FILE PHOTO/MICHAEL SALERNO

WEST WARWICK – Gregory A. Woods, who has led AstroNova Inc. as CEO and president since 2014, has resigned, the company announced Monday. Darius G. Nevin, who was appointed to AstroNova’s board of directors in April, began serving as interim CEO and president on Sunday, the company said in a press release. Both an internal

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WEST WARWICK – Gregory A. Woods, who has led AstroNova Inc. as CEO and president since 2014, has resigned, the company announced Monday. Darius G. Nevin, who was appointed to AstroNova’s board of directors in April, began serving as interim CEO and president on Sunday, the company said in a press release. Both an internal and external search will be held to find a permanent CEO and president. In a statement to Providence Business News, company spokesperson Deborah Pawlowski said Woods resigned at the request of the board of directors, which accelerated its succession plan. She added that the board valued the strategic qualities that Woods brought to the organization and it had been driving changes in organizational structure to bolster the leadership around him to improve execution. “These actions reflect an acceleration of our succession plans, and we are fortunate to have had Darius recently join the board and to step into this interim role,” said Richard S. Warzala, lead independent director of AstroNova. “In addition to his extensive public company executive experience, [Nevin] has the talent, capabilities and time to devote to leading AstroNova while the board conducts a search to identify and select his replacement." Woods' departure comes as AstroNova faces a proxy war from a Texas-based activist investor. Askeladden Capital Management LLC was seeking to replace its interdependent board members at the company’s annual meeting, which was originally slated for July 9 in Boston. AstroNova canceled that meeting Monday and will set a new date as soon as possible. Askeladden Capital – owned by Samir Patel, who has a 9.1% stake in AstroNova – has nominated Jeff Sands, Shawn Kravetz, Ryan Oviatt, Boyd Roberts and Patel to take over AstroNova's board of directors. In a proxy statement on April 29, Patel claimed AstroNova has suffered several strategic and operational missteps since fiscal year 2022, which include an ink-quality issue that persisted for four years and the company spending $18.76 million in cash and assuming $3.4 million in debt to acquire Portugal-based printing firm MTEX in May 2024. Patel also said AstroNova missed profitability targets. “If you invested $100 in AstroNova when Greg Woods became CEO on Feb. 1, 2014, your investment would be worth less than $67 as of April 18, 2025 – a 33% negative total shareholder return during a period slightly exceeding 11 years,” Patel said. In a proxy statement on May 19, AstroNova urged its shareholders to vote for the incumbent board members – Alexis Michas, Mitchell Quian, Yvonne E. Schlaeppi, Nevin, Warzala and Woods. The company said the current leadership has transformed AstroNova’s capabilities, product mix and scale, delivering 7.5% compound annual revenue growth since Woods’ appointment as CEO. Before joining AstroNova, Nevin previously served nine years as chief financial officer for Protection One Inc., one of the largest security monitoring companies in the U.S. While there, he was instrumental in orchestrating a comprehensive financial turnaround that significantly enhanced operational efficiency, culminating in the successful sale of the company. Since 2016, Nevin has served on the board of Alarm.com, a global leader in internet-of-things security and automation solutions. In 2022, he joined the board of drug testing company Psychemedics Corp., where he serves as chairman. In addition, he served on the board of WCI Communities Inc., a luxury homebuilder, from its initial public offering on the New York Stock Exchange in 2013 until its sale in 2017. On June 6, AstroNova Inc. reported a loss of $376,000 in the first quarter of fiscal 2026, after posting a $1.2 million profit a year earlier. Revenue for the first quarter, which ended April 30, was $37.7 million, a 14.4% increase from $32.9 million a year ago, driven by a 16.8% growth in aerospace and 13.4% growth in product identification. (UPDATE adds comment from AstroNova spokesperson Deborah Pawlowski in the third paragraph.)