Avid’s Board of Directors has appointed Louis Hernandez as president and chief executive officer, effective February 11. Hernandez succeeds former president and chief executive officer Gary Greenfield, who will remain on Avids Board of Directors. Hernandez has been a member of the Avid Board since 2008. Most recently, he was also Chairman of the Board […]
Avid’s Board of Directors has appointed Louis Hernandez as president and chief executive officer, effective February 11. Hernandez succeeds former president and chief executive officer Gary Greenfield, who will remain on Avids Board of Directors. Hernandez has been a member of the Avid Board since 2008. Most recently, he was also Chairman of the Board and Chief Executive Officer of Open Solutions, Inc., a technology provider to financial institutions worldwide, which was acquired in January 2013 by Fiserv, Inc.
Louis is a visionary, inspirational leader with a stellar track record of driving the operations and growth of technology companies in a variety of industries, said George Billings, speaking on behalf of Avids Board.
As lead director, he spent years developing a deep familiarity with Avids customers, markets, and products that will allow him to quickly make a positive impact as chief executive.
Additional reports from Devoncroft say:
“According to an 8-K filing with the SEC, Greenfield, who received total compensation of USD 4.8 million as of fiscal 2011, has entered into a separation agreement with Avid whereby in exchange for release of claims against the company he will receive payment of his accrued benefits, salary continuation for twelve months in the aggregate amount of USD 1,014,000, a payment in respect of annual bonus of $1,123,200, payment in respect of COBRA premiums, outplacement services and thirteen months additional vesting on his outstanding time-vesting equity awards.
“Avid also said it has entered into a five-year contract with Hernandez that includes an annual base salary of USD 650,000, an annual incentive bonus target equal to 100% of annual base salary, and a long term equity award consisting of time vesting stock options and restricted stock unit awards and performance vesting options. As part of this contract, Hernandez received 100,000 time vesting options and 100,000 time vesting restricted stock unit awards, as well as 625,000 performance vesting options.”
