SIBELIUS NEWS : AVID CEO Gary Greenfield Resigns

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.

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