WEST WARWICK, RI - AstroNova, Inc. (NASDAQ:ALOT), a global leader in data visualization technology, has amended the separation agreement with its former Vice President, Chief Financial Officer, and Treasurer, David S. Smith, according to a recent SEC filing. The amendment, effective Monday, August 5, 2024, modifies the original separation agreement dated June 25, 2024.
Under the new terms, AstroNova has agreed to pay Smith a monthly sum of $633.20, starting August 1, 2024, and continuing through January 31, 2026. This payment is contingent upon Smith providing proof of his election of and enrollment in Medicare Part B coverage. The amendment does not alter any other terms of the initial separation agreement, which remains in full force.
This corporate update follows the departure of Smith from his roles at AstroNova, which was first announced in the separation agreement. The company has not disclosed reasons for the departure or details regarding the search for or appointment of a successor.
AstroNova, headquartered in West Warwick, Rhode Island, specializes in computer peripheral equipment and is known for its innovative data visualization solutions across various industries. The company's commitment to transparency is evidenced by its timely disclosure of executive compensatory arrangements and other corporate governance matters.
In other recent news, AstroNova reported profitable earnings for the first quarter of fiscal year 2025, despite a decline in revenue and adjusted EBITDA. The company's acquisition of MTEX NS is projected to add $8-10 million in revenue, strengthening its position in the digital label and packaging printing sectors. Despite component shortages affecting legacy printer shipments, AstroNova's transition to ToughWriter printers is expected to streamline the Aerospace segment's supply chain.
AstroNova's CFO, David Smith, is set to retire in July 2024 with a separation agreement in place. Post-retirement, Smith plans to pursue part-time corporate advisory and consulting opportunities. His successor was not named in the recent filings.
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