Avid gets new CEO!!

[nst7]

Just saw this on the Protools Expert page:

http://www.pro-tools-expert.com/home...z-new-ceo.html


Hopefully this will be a good thing for the company, and for Protools.

[sunburst79]

Interesting.

As much as people like to jump on Gary Greenfield in retrospect the releases since he took over PT8-PT10 have really moved the application forward and added MANY feature that people had been requesting for decades. Truthfully from a users standpoint Garys probably been a win.

The companies financial performance since 2007 has not been great. Having said that the company still exists and made a lot of changes trying to become more proftable. I can't say if Garys done a terrible job of turning things around or a great job of keeping the company afloat and the bankers happy. The fact that hes still on the board and not on the street tends to indicate that he's held in some respect. The real question is not that Garys no longer CEO. It's what does the new CEO bring?

[musicman691]

And Greenfield gets a 7 figure golden parachute:
http://www.pro-tools-expert.com/home...erance-pa.html

According to this Gary's leaving Avid not staying on in any capacity.

[TCM]

The severance package usually depends on what is written in the contract.

Difficult to say whether Greenfield turned the company around or not.
If he put the company on the right tracks, the engine will run...

Obviously he let go of some creative employees...

Let's have a positive attitude and see what the actions of the new guy will be, if customer orientation is not just corporate lip-service.

[sunburst79]

The little I read seemed to indicate that the golden parachute was pretty much a standard executive severance package. It was probably decided on when he started working. And Digi was already having issues when he jumped on board.

Hopefully its a positive change.

[sorcerer27]

Another indication of a sinking ship? Wonder what kind of golden parachute the previous one got from Avid?

[hjorte]

I like that fact that Hernandez has been a member of the Avid Board since 2008. He must have insigt that will help him pick up the ball.

[rockridge98]

"Effective February 11, 2013, Gary G. Greenfield, the Chairman of the Board, Chief Executive Officer and President of Avid Technology, Inc. voluntarily resigned as Chairman of the Board, Chief Executive Officer and President. Mr. Greenfield will continue to serve as a member of the Board of Directors."

Source:
http://www.streetinsider.com/Managem...e/8077661.html

[Darryl Ramm]

Hopefully his first task will be to hire back Chris Townsend.... :-(

[Emcha_audio]

Daryl, from memory Chriss was never fired, his contract came to term and he also had his own dsp consulting company before he went to Avid, and did consulting Jobs as he was with Avid. That tells me that he was never an actual employee of avid, but a consultant. I might be wrong, but that's how that always read to me.


As for greenfield. He's still on the board, so how much things will changes for the better remains to be seen. I hope the new chairman has a better understanding of the industry and the needs of professionals and musician alike. I hope he will not be in place to move profits up at all cost, but focuses on what is really important beside stocks options values.