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.