Avid Switches CEO’s on Heels of Declining Revenue Trend

11 Feb

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Avid chairman, CEO, and president Gary G. Greenfield has resigned, effective today, according to a SEC filing released this morning. It appears from the filing that the parting of Avid and Greenfield was somewhat rocky, based on the SEC statement that Greenfield would “release claims against the company” on payment of $1M + in salary and benefits. The filing states that:

“In connection with Mr. Greenfield’s resignation, the Company and Mr. Greenfield entered into a separation agreement, dated as of February 6, 2013 (the “Greenfield Agreement”). The Greenfield Agreement provides that following Mr. Greenfield’s execution of a release of claims against the Company, he will be entitled, in connection with his existing employment agreement with the Company, to payment of his accrued benefits, salary continuation for twelve months in the aggregate amount of $1,014,000, a payment in respect of annual bonus of $1,123,200, payment in respect of COBRA premiums, outplacement services and thirteen months additional vesting on his outstanding time-vesting equity awards. All other unvested equity awards will be forfeited upon Mr. Greenfield’s separation from the Company”.

Avid’s board of directors appointed Louis Hernandez, Jr. as the digital audio and video production technology company’s new CEO and president, effective immediately, with a base salary of $650,000 and an annual incentive bonus equal to that amount. Hernandez, 46, became a director in February 2008 and most recently served as chairman and CEO of financial services technology provider Open Solutions, Inc.

The management change follows years of declining revenue and staff layoffs — see prior reports here:

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