Monday, February 11, 2013

AVID Names Louis Hernandez CEO

Avid Technology (AVID) announced this morning that Louis Hernandez, a Board member since 2008 and CEO of Open Solutions which was acquired by Fiserv last month, will be the Company's new CEO, replacing Gary Greenfield.  Mr. Greenfield will stay on AVID's Board of Directors.  We are not sure whether or not the timing of this announcement has anything to do with AVID's Q4 earnings results (due out on 2/26).  However, given that Mr. Hernandez's previous company was acquired just recently, it appears the Board had been considering a change at the top for some time.  

The stock reacted well to the news as it closed at $7.87, up 4.5% for the day.  Lastly, we found a full and impressive bio of Mr. Hernandez on Open Solutions' website -

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