Avid Replace CFO Amid Financial Troubles

28 Apr

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A month after receiving a letter from Nasdaq saying the company is in danger of being delisted(Avid Gets More Bad News ), Avid has named a new CFO to replace Ken Sexton, who has held the role for the past five years.  This follows on the heels of the not so amicable replacement of CEO Gary Greenfield in February (Avid Switches CEO’s on Heels of Declining Revenue Trend )

John Frederick, who joined the company in February as a chief of staff, will become Avid’s executive vice president, chief financial officer and chief administrative officer, effective immediately, the company announced. Sexton will remain a consultant to the company.

Sexton, who became CFO in 2008, is 58 and earned a total annual compensation of $2.4 million in 2011, according to Bloomberg News.

Frederick was previously corporate executive vice president and CFO of Open Solutions Inc., a provider of technology to financial institutions that was acquired in January 2013 by Fiserv Inc. He has also worked in senior financial positions at AlliedSignal, now Honeywell, Time Warner – Six Flags, Sunbeam Corporation, and Legrand North America.

These management changes follow years of declining revenue and staff layoffs — see prior reports here:

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