Executive shuffle at Avid4/30/2000 08:00:00 PM Eastern
The revolving door of top management at Avid kept spinning last week, as acting CEO William Flaherty announced his decision to leave the Tewksbury, Mass., nonlinear-editing supplier. Flaherty, who joined Avid as chief financial officer in September 1996, had served as acting CEO since the October 1999 resignations of CEO William Miller and President and COO Clifford Jenks. He will seek a permanent role as CEO with another company.
Avid has named David Krall its new president and chief executive officer. Krall, originally an executive with Avid's DigiDesign audio division, has served as president and COO since October.
Avid's management changes were announced in conjunction with its first quarter 2000 results. The company recorded first-quarter net losses of $19.5 million, or 81 cents a share, up from 47 cents a year earlier, which it attributed to the amortization of acquisition-related intangible assets. First-quarter revenues were also down, at $108.7 million compared with $111.3 million for the same period in 1999.