imgBurlington, MA (February 11, 2013)—Avid has named Louis Hernandez, a member of its Board of Directors since 2008, as its new president and CEO, effective immediately. Hernandez takes the place of former president/CEO Gary Greenfield, who has resigned from the positions but will remain a member of Avid’s Board of Directors.

Prior to today’s appointment, Hernandez was also Chairman of the Board and Chief Executive Officer of Open Solutions, Inc., a technology provider to financial institutions worldwide, which was acquired in January 2013 by Fiserv, Inc.

In a statement, George Billings, speaking on behalf of Avid’s Board, noted, “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,. 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.”

“It is an exciting opportunity to lead Avid at this very important juncture in the company’s history,” said Hernandez in the statement. “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. 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.”

Mr. Hernandez added, “On behalf of the Avid community, I want to thank Gary Greenfield for his outstanding leadership and lasting contributions to Avid and our industry.”