Avid Ex CEO Now Resigns As Director

20 May

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Avid has reported via a Form-8K filing with the SEC that ex Chairman and CEO, Gary Greenfield has now also resigned as a director of the company.  The statement went on to say that the departure was “not a result of any dispute.”  This in contrast to the February announcement of Greenfield’s departure as Chairman and CEO which appeared to be somewhat rocky, based on the 8K filing with the SEC statement at the time that Greenfield would “release claims against the company” on payment of $1M + in salary and benefits” (Avid Switches CEO’s on Heels of Declining Revenue Trend)
The form-8K filed with the SEC goes on to state that:

“After Mr. Gary Greenfield’s departure as Chairman of the Board, Chief Executive Officer and President of Avid Technology, Inc. (the “Company”) in February 2013, Mr. Greenfield continued on as a director of the Company, with his term as director scheduled to expire at the Company’s 2013 annual meeting of stockholders (“2013 Annual Meeting”). With the date for the 2013 Annual Meeting being delayed beyond the originally anticipated date, Mr. Greenfield has decided to resign from his position as director of the Company so that he could attend to other commitments, and on May 15, 2013, Mr. Greenfield submitted his resignation as director effective immediately. Mr. Greenfield’s decision to resign was mutually agreeable and amicable and not a result of any disagreement or dispute with the Company or its management”.

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