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Avid Technology Announces Gary Greenfield
as New Chairman and CEO
December 20, 2007
Source: Avid
Avid Technology, Inc.
today announced that Gary Greenfield has been named chairman
of the board and chief executive officer (CEO) effective immediately.
Greenfield succeeds Nancy Hawthorne, who has served as interim
CEO since August 1 and will assume the role of lead director
on the company's Board.
"As Avid continues to evolve and help
our customers meet new challenges in the dynamic digital media
marketplace, we sought a leader who had direct experience
in helping complex and multi-dimensional public companies
achieve their goals," said Hawthorne. "Gary is an
outstanding choice to lead the company into a new era of growth."
"Avid has a rich 20-year history as
a vibrant and innovative technology pioneer, whose family
of brands stands at the forefront of technology for the digital
media and entertainment industries—that's what made the
opportunity to join the company so attractive. I believe Avid
can become a true media powerhouse and I am excited to lead
that charge," said Greenfield.
Greenfield has been CEO of GXS since 2003,
a leading worldwide provider of business-tobusiness integration,
synchronization and collaboration solutions. Since December
2003, he has also been an operating partner with Francisco
Partners, a leading technology-focused private equity firm.
Previously, he served as CEO of Peregrine
Systems where he managed the restructuring of their business;
president and CEO of MERANT; and while CEO of INTERSOLV, they
merged with Micro Focus to form MERANT. He has experience
growing businesses both organically and through acquisition,
managing development, marketing and operations, and serving
diverse customers from small businesses to the Fortune 500.
As part of Greenfield's compensation package,
Avid granted to him an option to purchase 725,000 shares of
Avid's common stock and issued 100,000 shares of restricted
stock. The option has a seven-year term and an exercise price
equal to the last sale price of Avid's common stock on December
19, 2007, the date of the option grant. The option vests as
follows: 100,000 shares vest quarterly in arrears over a four-year
period, 300,000 shares vest on a performance-based schedule
tied to the price of the Company's stock and 325,000 shares
vest on a performance-based schedule tied to both the price
of the Company's stock and achievement of certain financial
metrics.
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