Glass Lewis Backs Askeladden Nominees, AstroNova CEO Resigns

Glass Lewis, a prominent proxy advisory firm, has endorsed all five nominees proposed by Askeladden Capital Management for AstroNova's board, emphasizing the necessity for change. The firm cited Askeladden's "detailed, coherent, and realistic strategy" and the nominees' "well-rounded skills." Glass Lewis recommended replacing all directors involved in the controversial MTEX acquisition due to the significant shareholder value decline associated with it.

This support coincides with the resignation of AstroNova's CEO Greg Woods, which led to a 25% surge in the company's shares. Askeladden interprets this market response as validation of their analysis and calls for a swift, amicable settlement to the ongoing proxy contest.

Askeladden aims to collaborate with AstroNova's board to expedite the selection of a new CEO, stressing the need for independent oversight. They plan to propose a settlement to add fresh perspectives to the board, hoping to conclude their proxy contest productively for shareholder benefit.