Avid has announced that Louis Hernandez (pictured) has been appointed as president and chief executive officer of the company, effective today.
According to online sources, former president and chief executive officer Gary Greenfield, has resigned from his position, but will remain on Avid’s board of directors and keep his annual salary of over $1 million (USD) as well as an annual bonus of about the same amount.
During Greenfield’s tenure as CEO, Avid made several controversial stretegic decisions, including closing down the Sibelius development offices in the UK, and selling off consumer audio brands M-Audio and AIR as well as its video product lines (including Pinnacle).
Shares in the company have also dropped from over $60 USD in 2005 to less than $10 USD this year. Hernandez has been a member of the Avid board since 2008. Most recently, he was also chairman of the board and chief executive officer of Open Solutions, a technology provider to financial institutions worldwide, which was acquired in January 2013 by Fiserv. “Louis is a visionary, inspirational leader with a stellar track record of driving the operations and growth of technology companies in a variety of industries,” said George Billings in a statement released on behalf of Avid’s board. “As lead director, he spent years developing a deep familiarity with Avid’s customers, markets, and products that will allow him to quickly make a positive impact as chief executive.” “It is an exciting opportunity to lead Avid at this very important juncture in the company’s history,” said Hernandez in the statement. “As the industry leader for more than 25 years, Avid continues to set the standard for non-linear-editing, media management, and collaboration in the audio, video, and broadcast markets. The company is well positioned for growth and global expansion in this fast-moving marketplace. It is exciting to be working with the Avid team, as we drive results and value for our customers, employees, and shareholders.” Hernandez added, “On behalf of the Avid community, I want to thank Gary Greenfield for his outstanding leadership and lasting contributions to Avid and our industry.” www.avid.com