reprinted from an Avid press release:
Tewksbury, Mass. December 19, 2007 Avid Technology, Inc. (NASDAQ: AVID) today
announced that Gary Greenfield has been named chairman of the board and chief executive
officer (CEO) effective immediately. Greenfield succeeds Nancy Hawthorne, who has served as
interim CEO since August 1 and will assume the role of lead director on the companys Board.
As Avid continues to evolve and help our customers meet new challenges in the dynamic
digital media marketplace, we sought a leader who had direct experience in helping complex
and multi-dimensional public companies achieve their goals, said Hawthorne. Gary is an
outstanding choice to lead the company into a new era of growth.
Avid has a rich 20-year history as a vibrant and innovative technology pioneer, whose family of
brands stands at the forefront of technology for the digital media and entertainment industries
thats what made the opportunity to join the company so attractive. I believe Avid can become a
true media powerhouse and I am excited to lead that charge, said Greenfield.
Greenfield has been CEO of GXS since 2003, a leading worldwide provider of business-tobusiness
integration, synchronization and collaboration solutions. Since December 2003, he
has also been an operating partner with Francisco Partners, a leading technology-focused
private equity firm.
Previously, he served as CEO of Peregrine Systems where he managed the restructuring of
their business; president and CEO of MERANT; and while CEO of INTERSOLV, they merged
with Micro Focus to form MERANT. He has experience growing businesses both organically
and through acquisition, managing development, marketing and operations, and serving diverse
customers from small businesses to the Fortune 500.
As part of Greenfields compensation package, Avid granted to him an option to purchase
725,000 shares of Avids common stock and issued 100,000 shares of restricted stock. The
option has a seven-year term and an exercise price equal to the last sale price of Avids
common stock on December 19, 2007, the date of the option grant. The option vests as follows:
100,000 shares vest quarterly in arrears over a four-year period, 300,000 shares vest on a
performance-based schedule tied to the price of the Companys stock and 325,000 shares vest
on a performance-based schedule tied to both the price of the Companys stock and
achievement of certain financial metrics. The restricted stock has a purchase price equal to the
par value of the restricted shares, is subject to contractual restrictions on transfer until vested
and vests as to 25% of the shares on January 1, 2009 and then in equal quarterly installments
thereafter until fully vested on December 19, 2011. The foregoing awards were made as
inducement grants pursuant to an exemption from NASDAQ’s shareholder approval
requirements under Section 4350(i)(1)(A)(iv) of the NASD Marketplace Rules, which require
public announcements of inducement grants. Additional information about the terms of these
grants can be found in Avids report on Form 8-K being filed with the Securities and Exchange
Commission on the date of this press release.
A conference call to introduce Avids new chairman and chief executive officer will be held
tomorrow, December 20, 2007, at 8:30 a.m. ET. The call will be open to the public and can be
accessed by dialing (719) 325-4750 and referencing confirmation code 2714881. A replay of the
call will be available for one week following the call by dialing (719) 457-0820 and inputting
passcode 2714881. The call and subsequent replay will also be available on Avids website. To
listen via this alternative, go to the Investor Relations page under the About Us menu at
www.avid.com for complete details prior to the start of the conference call.