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Avid Gets New Chief Exec (Gary G. Greenfield ‘76) Taps Turnaround Specialist Greenfield 1 January 2008

Posted by USNA Class of 1976 in News.
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1Jan08 – Nonlinear editing and content storage supplier Avid Technology has finally found a new chief executive officer to replace David Krall, who left Avid in July just weeks before the company announced a restructuring and major layoffs in its video division.
Taking the helm is Gary Greenfield, a turnaround specialist who led software company Peregrine Systems out of bankruptcy after it suffered an accounting scandal, and also served as CEO of technology firms Merant and Intersolv. Greenfield, a Naval Academy graduate and Harvard M.B.A., has been CEO of Gaithersburg, Md.-based business-to-business solution provider GXS since 2003. At the same time, he has served as an operating partner of technology-focused buyout fund Francisco Partners, which owns a controlling stake in GXS. Greenfield, who has no direct experience in the media industry, will also serve as chairman of the Avid board, effective immediately.
Tewksbury, Mass.-based Avid, which announced last month that it would skip exhibiting at the NAB show in 2008 to focus its marketing dollars on other events, has signed Greenfield to a five-year deal in which he will receive a base salary of $900,000 per year, be eligible for a performance-related bonus equivalent to 100% to 135% of his salary, receive a one-time signing bonus of $600,000 and be reimbursed for relocation expenses. Avid has also given Greenfield 100,000 shares in restricted stock, worth more than $2.5 million based on Dec. 19’s closing price of $25.42, as well as options to purchase 725,000 shares of common stock at the same price.
 
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