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Avid Names Louis Hernandez CEO, Replacing Gary Greenfield

Greenfield Will Finish Out His Term on Board of Directors

Avid's board of directors today named Louis Hernandez the company's new president and CEO, effective immediately. Hernandez, who has been on Avid's board since 2008, replaces Gary Greenfield in both positions.

In a statement released by Avid, Hernandez said Greenfield would remain on the Avid board "through the end of his current term." There was no immediate word on any other staff changes.

"As lead director, [Hernandez] 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," Avid Director George Billings said in a prepared statement on behalf of Avid's board. Billings replaces Greenfield as chairman of the board. 

Avid stock was up $0.34, or about 4.5 percent, reaching $7.87 on the news today.

Last summer, Avid sold off its consumer audio and video editing products under the M-Audio and Pinnacle brands, and said it would lose about one-fifth of its employees in the process. The company cut COO Kirk Arnold at that time.

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  • http://www.derekwilliams.net Derek Williams

    Sacking the Sibelius development team was also a significant part of the Avid PR disaster, and led directly to new moves by Yamaha Steinberg to set up a rival music scoring application using the very people Avid sacked in London, the city Avid claimed was too expensive to keep an office in. Creating a hot competitor for themselves when they already had the world’s best selling scorewriter in their software gallery, and shafting their users was an essay in bungling of the highest order.

    I wish Mr Hernandez well, hoping he can pull Avid Technology out of the mire, but he will have quite a job to convince me and the 11,300 Save Sibelius petitioners that Gary Greenfield ignored. We will be watching this space.

    Derek Williams