Sony Pixel Power calrec Sony

Avid Announces Changes to Board of Directors

07/01/2016

Avid Announces Changes to Board of Directors

Burlington, MA, 2016-01-07 Board Elects Peter Westley as New Independent Director; George Billings to Retire

Avid (Nasdaq: AVID) ( Avid or the Company ), a leading provider of digital media technologies for media organizations and independent professionals, today announced the election of a new independent director, Peter Westley, Partner at Blum Capital Partners, L.P., to the Companys Board of Directors. The election of Mr. Westley resulted from a thorough process by the Company's Nominating and Governance Committee in which the Committee sought input from several of its largest holders. Blum Capital Partners owns approximately 16.7% of the Company's stock.[1]

The Company also announced that George Billings will retire from the Board. The election of Mr. Westley and resignation of Mr. Billings are effective immediately. Mr. Westley will serve as a Class I director with his term expiring at the 2018 annual shareholder meeting.

We are very pleased to add Mr. Westley, associated with our largest shareholder, to Avid's Board, said Louis Hernandez, Jr., Chairman, President and Chief Executive Officer, Avid. His appointment brings exceptional financial expertise, industry knowledge and leadership experience that will add new perspective to the Board and amplify our capability to provide greater value to shareholders. Our Board has a strong mix of experience and skills to lead Avid through the completion of our transformation and capitalize on our strong market position and attractive growth opportunities to create long-term value for all shareholders.

Nancy Hawthorne, Avid's Lead Independent Director and Chairman of the Nominating and Governance Committee, commented, On behalf of the Committee, we appreciate the shareholder input we received in this process, which was invaluable in ensuring that we were focused on the right mix of skills and experience necessary to ensure the Board's ability to direct and oversee our transformation strategy to deliver enhanced long-term shareholder value. This Board is committed to ensuring that shareholder views are fully represented in our deliberations.

As a long-term shareholder, I look forward to working closely with the rest of the Board and the management team to create long-term, sustainable value, said Mr. Westley. Avid is uniquely positioned to capitalize on the shifts in spending in the large and growing media technology market. Avid has taken steps to establish the foundations for growth and I am confident that the Company can build on these foundations to accelerate growth, enhance profitability and cash flow, and realize its full potential.

Mr. Westley is a Partner at Blum Capital Partners, a leading investment firm that is Avid's largest shareholder with an approximately 16.7% stake in the Company. At Blum Capital Partners, Mr. Westley is a member of the investment committee and has primary responsibility for the Avid investment. Mr. Westley has been a Partner at Blum Capital Partners since 2012 and has nearly 30 years of experience in financial services working with media and technology companies. He sits on the Board and the Audit Committee of Payless Holdings, LLC and is an alternate member of the Board of Xtralis Group Holdings Limited, in both of which Blum Capital Partners has a significant investment stake. His prior experience includes serving as a Managing Director in the Technology and Media Groups at Salomon Smith Barney, Partner and Head of the Media and Internet Investment Banking at ThinkEquity Partners, LLC, and Managing Director and Head of Media and Internet Banking at North Point Advisors. During his investment banking career, Mr. Westley raised more than $10 billion and advised on more than $2 billion of mergers and acquisitions for internet, media, technology, and telecom clients in over 60 transactions, including lead managed private placements, IPOs, follow-on offerings, convertible debt offerings, high-yield debt offerings, and buy-side and sell-side mergers and acquisitions.

Mr. Hernandez continued: We are grateful to Mr. Billings for his significant contributions to the Board and the Company. During George's time on the Board, we have made significant progress re-positioning Avid, including the completion of the accounting restatement in 2014, rollout of Avid Everywhere and acquisition of Orad. Avid's improving operational and financial performance demonstrates that the Company is in a stronger position and well placed to enter its next phase of long-term, sustainable growth.

About Avid

Through Avid Everywhere , Avid delivers the industrys most open, innovative and comprehensive media platform connecting content creation with collaboration, asset protection, distribution and consumption. Media organizations and creative professionals use Avid solutions to create the most listened to, most watched and most loved media in the world from the most prestigious and award-winning feature films, to the most popular television shows, news programs and televised sporting events, as well as a majority of today's most celebrated music recordings and live concerts. Industry leading solutions include Pro Tools , Media Composer , ISIS , Interplay , ProSet and RealSet, Maestro, PlayMaker, and Sibelius . For more information about Avid solutions and services, visit www.avid.com, connect with Avid on Facebook, Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid Blogs.

2016 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid Everywhere, iNEWS, Interplay, ISIS, AirSpeed, Media Composer, Pro Tools, and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. The Interplay name is used with the permission of the Interplay Enterta
LINK: http://www.avid.com/US/press-room/board-of-directors-changes...
See more stories from avid

Most recent headlines

13/03/2025

FCC Chairman Carr Launches Massive Deregulation Initiative

WASHINGTON FCC Chairman Brendan Carr announced that the agency has launched a massive, new deregulatory initiative that could potentially subject virtually all ...

13/03/2025

SDVI Integrates Rally With Spectra Vail

SUNNYVALE, Calif. SDVI has announced that it has integrated its Rally media supply chain management platform with the Spectra Vail multi-cloud data management s...

13/03/2025

FCC Approves Gray's Acquisition of KXLT

ATLANTA Gray Media has announced that the Federal Communications Commission (FCC) has granted a waiver of its local ownership rules to permit Gray Media to acqu...

13/03/2025

NAB Show 2025 Exhibitor Insight: Blackmagic Design

TV Tech: What do you anticipate will be the most significant technology trends at the 2025 NAB Show?...

13/03/2025

Watch Student Naomi Soleils Folk Pop Performance on The Voice

Watch Student Naomi Soleils Folk Pop Performance on The Voice The songwriting major sang Stars by Grace Potter and the Nocturnals during the blind auditions. ...

12/03/2025

Como o Impacto Cultural e Financeiro da Indstria Musical Define Seu Sucesso em 2025

O Spotify acaba de lan ar o relat rio Loud & Clear deste ano, uma vis o transpar...

12/03/2025

Cmo el impacto cultural y financiero de la industria musical define su xito en 2025

Spotify acaba de presentar el informe Loud & Clear de este a o, una mirada trans...

12/03/2025

Nourish Mind, Body, and Soul This Ramadan With Spotify

Ramadan, a period of profound spiritual significance for Muslims worldwide, is a time for fasting, prayer, reflection, and community. Enrich your experience thi...

12/03/2025

How the Music Industry's Cultural and Financial Impact Define Its Success in 2025

Spotify has just unveiled this year's Loud & Clear report, a transparent loo...

12/03/2025

FAST now transcends back catalog content

More than 70% of FAST programming has been produced since 2010, according to new Gracenote report NEW YORK March 12, 2025 Gracenote, the content data busin...

12/03/2025

Viamedia Adopts ShowSeeker Pilot To Streamline Ad Workflows

GEONA, Nev. Independent digital and linear advertising rep firm Viamedia will adopt cloud-based ShowSeeker Pilot as its primary ad campaign and order management...

12/03/2025

Mediagenix Appoints Wael Yasin as Sales Director Central Europe

BRUSSELS Mediagenix has announced that Wael Yasin has joined the company as sales director Central Europe....

12/03/2025

Omdia: Global Online Consumer Expenditure to Hit $6.6 Trillion by 2029

LONDON A new study highlights opportunities for shoppable TV and the massive impact online consumer spending is having on the economy, with Omdia predicting tha...

12/03/2025

Comcast Technology Solutions Upgrades to Interra Systems BATON Version 9

CUPERTINO, Calif. Interra Systems has announced that Comcast Technology Solutions has integrated recent updates to BATON Version 9 into its operations....

12/03/2025

Nevion announces new 400G addition to its eMerge SDN media fabric offering

Nevion announces new 400G addition to its eMerge SDN media fabric offering Brie Clayton March 12, 2025 0 Comments High-capacity switch enhances existi...

12/03/2025

DaVinci Resolve Studio Delivers Cinematic Sound for Adam Bol

DaVinci Resolve Studio Delivers Cinematic Sound for Adam Bol Brie Clayton March 12, 2025 0 Comments Feature film relies on DaVinci Resolve Studio for ...

12/03/2025

SVT Leverages Ateliere Live to Pioneer 100% Software-Defined Production at Rally Sweden 2025

SVT Leverages Ateliere Live to Pioneer 100% Software-Defined Production at Rally...

12/03/2025

Berklee Awards Fenway Neighborhood Improvement Grant to Four Organizations

Berklee Awards Fenway Neighborhood Improvement Grant to Four Organizations A total of $17,000 will be distributed among the Boston-based nonprofits. By Madd...

12/03/2025

Offering a broad umbrella for IP standards

TVBEuropes Jenny Priestley sits down with new SMPTE president Richard Welsh to discuss his aims for the organisation going forward, its efforts to attract a you...

12/03/2025

Warner Bros Belgium takes a new approach to its post production workflows

The new process has significantly enhanced operational efficiencies, with automation freeing up creators to concentrate on higher value tasks By Matthew Corrig...

12/03/2025

Another VFX company suspends operations

Jellyfish Pictures, which has offices in London and Sheffield, said it has been battling hard in the face of strong headwinds over the last 12 months By Jenny ...

12/03/2025

Bitcentral to Showcase AI-Powered Innovations for Smarter...

Visit Booth #W2213 to Experience the Latest in AI-Driven Content Discovery and Workflow Automation Bitcentral, a leader in media workflow solutions, is set to ...

12/03/2025

Jeff Lilly Named WGN-TV Director Of Technology

CHICAGO Jeff Lilly has been named WGN-TV director of technology effective March 17, 2025, according to Ric Harris, WGN-TV vice president and general manager....

12/03/2025

Survey: Consumers Want More Shoppable TV Experiences

MOUNTAIN VIEW, Calif. A new study from LG Ad Solutions indicates that consumers want more features that would allow them to shop for products on the connected T...

12/03/2025

IP Showcase To Focus On IP, Broadcast Tech Convergence at 2025 NAB Show

BOTHELL, Wash. The Alliance for IP Media Solutions (AIMS), Advanced Media Workflow Association (AMWA) and the Video Services Forum (VSF) will once again present...

12/03/2025

Comcast Boosts Internet Speeds for More Than 20 Million Customers

PHILADELPHIA Comcast announced that it has upgraded Xfinity Internet speeds for more than 20 million customers for no additional cost....

12/03/2025

Create with Maxon: Cinema 4D Fundamentals Workshop - March 12-14

Create with Maxon: Cinema 4D Fundamentals Workshop - March 12-14 Brie Clayton March 11, 2025 0 Comments Makin' Waffles with Elly Wade During Marc...

12/03/2025

Ross Video Strengthens Cloud Leadership with Appointment of Aaron Tunnell

Ottawa, Canada - March 12, 2025 - Ross Video is pleased to announce the appointment of Aaron Tunnell as Business Development Director, Cloud Solutions, reinforc...

12/03/2025

VEON to release 4Q 2024 trading update on 20 March 2025

12 Mar 2025 VEON to release 4Q 2024 trading update on 20 March 2025 Dubai, 12 March 2025 - VEON Ltd. (NASDAQ: VEON), a global digital operator, today confirms ...

12/03/2025

Getting Set for the Winter Olympics: Inside SVT's Ongoing Software-Based Production Evolution

Getting set for the Winter Olympics: Inside SVT's ongoing software-based pro...

12/03/2025

Seamless SMPTE 2110: A Discussion on Making the Move to IP Less Painful

Seamless SMPTE 2110: A Discussion on Making the Move to IP Less Painful Leaders from Netflix, Monumental Sports & Entertainment, LinkedI, and Megapixel address ...

12/03/2025

Opening Doors of Perception: Meta's Ajit Ninan on Rethinking AR/MR Perceptual Displays

Opening Doors of Perception: Meta's Ajit Ninan on Rethinking AR/MR Perceptua...

12/03/2025

Sky Sports Unveils Exciting Plans for 2025 Formula 1 Coverage

With the 2025 Formula 1 season set to begin in Melbourne on March 16, Sky Sports is gearing up to deliver its most comprehensive F1 coverage yet. Following a th...

12/03/2025

Unicanal and Trece TV revolutionize Digital TV in Paraguay with Rohde & Schwarz transmission solutions

Unicanal and Trece TV revolutionize Digital TV in Paraguay with Rohde & Schwarz ...

12/03/2025

Honoring Service, Celebrating Sport: Rohde & Schwarz UK Sponsors NavyFit Rugby Double-Header

Honoring Service, Celebrating Sport: Rohde & Schwarz UK Sponsors NavyFit Rugby D...

12/03/2025

FOR-A America Introduces Top of the Line HANABI Series Switcher at NAB 2025 Exhibition

New HVS-Q12 Represents a Quantum Leap in Switcher Design...

12/03/2025

Telespazio and ABS Expand Partnership to Deliver Tailored C-Band Connectivity Solutions for the Brazilian Market

Telespazio and ABS Expand Partnership to Deliver Tailored C-Band Connectivity So...

12/03/2025

Congratulations to all our clients who have achieved TAG certification through our independent validation

ABC conducts independent audits across the TAG programs. In the March 2025 TAG s...

12/03/2025

Moonlight: Thales Alenia Space to develop the space segment of the navigation system orbiting around the Moon

Facebook Twitter LinkedIn Moonlight: ESA program to create a satellite con...

12/03/2025

Thales among the world's top 100 most innovative companies for the 12th year, according to Clarivate

Facebook Twitter LinkedIn In 2025, Thales ranks among the top 0.01% of the...

12/03/2025

CCPC sponsored TV series The Complaints Bureau returns to RT One

Consumer show back following hugely successful first series 10 March 2025 Following a hugely successful first series, The Complaints Bureau returns to RT ...

11/03/2025

Give Me the Backstory: Get to Know Amel Guellaty, the Writer-Director of Where the Wind Comes From

By Lucy Spicer One of the most exciting things about the Sundance Film Festival...

11/03/2025

Salsa's Rhythmic Revival: A New Generation Discovers the Genre's Timeless Appeal

Salsa is making a comeback, captivating new listeners with its infectious energy...

11/03/2025

Canada's Own Rupi Kaur Curates the Latest Edition of Local Spot, Revealing the Songs and Artists That Shaped Her

For many people, music can serve as a reflection of their roots and upbringing. ...

11/03/2025

ST Engineering iDirect's Public Safety Solution Wins MSUA Satellite Mobile Innovation Award 2025

The solution delivers reliable, scalable and secure connectivity for critical pu...

11/03/2025

Weigel Broadcasting Taps Harmonic for Cloud-Based Playout-to-Delivery

SAN JOSE, Calif. Harmonic has announced that Weigel Broadcasting has deployed Harmonics VOS Media Software, which offers playout-to-delivery capabilities, inclu...

11/03/2025

Wheatstone To Unveil Linux Audio Driver At 2025 NAB Show

NEW BERN, N.C. Wheatstone will introduce a Linux audio driver for its WheatNet IP audio network during the 2025 NAB Show, April 5-9, at the Las Vegas Convention...

11/03/2025

Study: Women's Sports Are a Big Win for Advertisers

NEW YORK A new study finds that as TV viewership for women's sports surged by 131% in 2024, the programming also saw a 56% year-over-year increase in ad im...

11/03/2025

Al Sharqiya prepares for Ultra HD with FOR-A

Powerful switcher for news studio FOR-A, a cutting-edge video broadcast technology company backed by more than 50 years experience, has installed its HVS-1200 ...