February 11, 2013 – Effective today, Gary G. Greenfield, the Chairman of the Board, Chief Executive Officer and President of Avid Technology, Inc. (Nadaq: AVID) voluntarily resigned as Chairman of the Board, Chief Executive Officer and President.
Avid’s Board of Directors has appointed Louis Hernandez, Jr., a director of the Company, to serve as the Company’s Chief Executive Officer and President.
Greenfield will be entitled to a severance package in connection with his existing employment agreement with Avid, receiving $1,014,000 (1 million, 14 thousand dollars) for the next twelve months.
During the last 6 months of Mr. Greenfield’s tenure, Avid underwent a massive restructuring, which included closing down the Sibelius UK office and selling off company assets.
- Statement from newly appointed Avid President & CEO Louis Hernandez, Jr.
- Avid’s Greenfield steps down from $1M salary
- Avid Tech (AVID) CEO Greenfield Resigns; Louis Hernandez Named to Role
- Links to other related articles posted by Bob Morabito on Sibelius Tech Support Chat
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