Technology

Louis Hernandez Named CEO of Avid

Previous president and CEO Gary Greenfield will remain on company's board 2/11/2013 04:20:31 PM Eastern

Avid's board of directors has appointed Louis Hernandez as
the vendor's new president and CEO.

Hernandez, who had served on the Avid board since 2008, took
the post on Feb. 11, succeeding former president and chief executive officer
Gary Greenfield, who will remain on company's board of directors.

"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 Avid's
board in a statement. "As lead director, he 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."

Besides serving on Avid's board, Hernandez had been the
chairman and CEO of Open Solutions, a technology provider to financial
institutions worldwide that was acquired in January 2013 by Fiserv Inc.

In a statement Hernandez praised "Gary Greenfield for his
outstanding leadership and lasting contributions to Avid and our industry" and
noted that "it is an exciting opportunity to lead Avid at this very important
juncture in the company's history."

"As the industry leader for more than 25 years, Avid
continues to set the standard for non-linear-editing, media management, and
collaboration in the audio, video, and broadcast markets," Hernandez said. "The
company is well positioned for growth and global expansion in this fast-moving
marketplace. It is exciting to be working with the Avid team, as we drive
results and value for our customers, employees, and shareholders."

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