Avid Technology Appoints New Chief Administrative Officer
Tewksbury, Mass, 2008-01-28 TEWKSBURY, Mass. – January 28, 2008 – Avid Technology, Inc. (Nasdaq: AVID) announced that Ken Sexton has joined the company as executive vice president (EVP) and chief administrative officer (CAO), reporting directly to Avid Chairman and Chief Executive Officer Gary Greenfield. In this new role, Sexton will be responsible for all of Avid's administrative functions, including finance, investor relations, information technology, legal and human resources.
Ken brings deep experience and a successful track record of managing these very important administrative functions to Avid, said Greenfield. With a strong leadership team and the right management systems in place, we can better focus on our customer-facing initiatives and, ultimately, on our customers' success.
Sexton comes to Avid with more than 30 years of business leadership experience, primarily in the technology sector. Prior to joining Avid, Ken served as EVP and chief financial officer (CFO) for webMethods, Inc., a provider of business integration software solutions. Before that, he was EVP and CFO for Infor, Inc., one of the world's largest enterprise software companies, where he played an integral part in multiple business acquisitions. From 1991 through 2004, Ken served in key executive positions at several major enterprise software companies, including Peregrine Systems, Merant and Intersolv.
Also today, Avid awarded to Ken Sexton an inducement grant pursuant to his executive employment agreement, dated January 21, 2008. The inducement grant was made 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 announcement of inducement grants.
The inducement grant consists of an option to purchase 260,000 shares of Avid's common stock and 50,000 restricted stock units (RSUs), with each RSU representing the right to receive one share of Avid's common stock. The option has a seven-year term and an exercise price equal to $26.15. The option vests as follows: 50,000 shares vest quarterly in arrears over a four-year period, 100,000 shares vest on a performance-based schedule tied to the price of the Company's common stock and 110,000 shares vest on a performance-based schedule tied to both the price of the Company's common stock and achievement of certain financial metrics. The RSUs vest quarterly in arrears over a four-year period. Additional information about the terms of the inducement grant can be found in Avid's report on Form 8-K filed today with the Securities and Exchange Commission.
About Avid Technology, Inc.
Avid is a worldwide leader in tools for film, video, audio, 3D animation, gaming and broadcast professionals – as well as for home audio and video enthusiasts. Avid professional and consumer brands include Avid, Digidesign, M-Audio, Pinnacle Systems, Sibelius, Softimage and Sundance Digital. The vast majority of primetime television shows, feature films, commercials and chart-topping music hits are made using one or more Avid products. Whether used by seasoned professionals or beginning students, Avid's products and services enable customers to work more efficiently, productively and creatively. Avid received an Oscar® statuette representing the 1998 Scientific and Technical Award for the concept, design, and engineering of the Avid® Film Composer® system for motion picture editing. For more information about the Company's Oscar, Grammy® and Emmy® award-winning products and services, visit http://www.avid.com/.
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© 2008 Avid Technology, Inc. All rights reserved. Avid, Digidesign, Film Composer, M-Audio, Pinnacle Systems, Sibelius, Softimage and Sundance Digital are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. Emmy is a registered trademark of ATAS/NATAS. Oscar is a trademark and service mark of the Academy of Motion Picture Arts and Sciences. Grammy is a trademark of the National Academy of Recording Arts and Sciences, Inc. All other trademarks contained herein are the property of their respective owners.