A weak economy and struggling sales for its Media Composer nonlinear editing software and other video products that have led to a continuing staff shakeup and a divestiture of its consumer audio and video products.
Louis Hernandez, who takes over the reins at Avid, has been a member of the company’s board since 2008.
Amidst a weak economy and struggling sales for its Media Composer nonlinear editing software and other video products that have led to a continuing staff shakeup and a divestiture of its consumer audio and video products, Avid has named Louis Hernandez as its new president and CEO, replacing Gary Greenfield who had held the position since 2008. Hernandez has been a member of the Avid board since 2008. George Billings, currently a director on the company’s Board, has assumed the position of Chairman of the Board.
Most recently, Hernandez was also chairman of the board and CEO of Open Solutions, a technology provider to financial institutions that was acquired by Fiserv, a provider of administrative software and services.
Avid, a publicly traded company based in Burlington, MA, has also recently hired Jeff Rosica, a former executive vice president and chief sales and marketing officer at broadcast equipment supplier Grass Valley. At Avid, Rosica will serve as senior vice president of worldwide field operations.
“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,” Billings said in a statement.
According to a Security Exchange Commission filing released Monday morning, Greenfield will remain on the company’s board of directors and receive his annual salary of a little over $1 million as well as an annual bonus that would double that amount, along with other benefits. Hernandez will receive a base salary of $650,000 and an annual incentive bonus equal to that amount. Prior to joining Avid in December 2007, Greenfield served as CEO of Peregrine Systems, Inc.; president and CEO of MERANT, Inc.; and CEO of INTERSOLV.