David Krall, who has served as president, CEO and board member of Avid for the last seven years, is to step down from his positions at the end of July.
Current board member and former chairman, Nancy Hawthorne will serve as the company’s interim CEO as the board begins an immediate search for a new CEO. Krall will be available as a consultant to the company during the transition period.
“Avid Technology has experienced tremendous growth in recent years, through new technology introductions and strategic acquisitions that have broadened the company’s product portfolio and bolstered its position in adjacent digital content creation markets,” said Krall, adding that he was proud in the role he has played in the company’s success but at the same time expressing that he felt the time was right for new leadership at the helm.
Commenting on behalf of the board of directors, current chairman Pamela Lenehan, said, “David has been instrumental in transforming Avid Technology’s business – and keeping it at the forefront of the digital media revolution. He has helped direct the company’s efforts to revitalise its post-production business; secure a leadership position in broadcast news production; grow its audio business through market expansion and product development; and enter the consumer video and audio markets through acquisition. His dedication and loyalty to Avid have been unwavering – and we thank him for establishing a rich foundation upon which the company can build an even brighter future.”
Interim CEO Hawthorne, who currently serves as CEO of the financial advisory and investment firm, Clerestory LLC, has been a member of the Avid board of directors since 1997 and has worked closely with Krall and the Avid senior management team. “Nancy’s knowledge of Avid’s day-to-day business – plus her strong financial background and broad expertise with large companies – will serve the company well during this important leadership transition,” said Lenehan. “We’re fortunate to have Nancy engage in this role as we begin our search for a new CEO.”
