Media technology provider Avid® Technology, Inc. (NASDAQ: AVID)
today announced it has begun to reshape its executive leadership
team to drive the next phase of its strategic growth, including the
company’s rapidly expanding subscription software business. The
company took a number of steps including hiring top business and
technology talent with strong cloud & SaaS expertise,
sharpening its focus on its core audio and video business areas,
and repositioning customer-facing functions to elevate the
company’s go-to-market performance and ensure success for every
customer.
Welcomes New Cloud & SaaS TalentAvid named
accomplished cloud business and technology expert Lior
Netzer as SVP & GM of Media Platform & Cloud
Solutions. Lior leads the strategy to further expand and grow
Avid’s enterprise media platform portfolio and its overall cloud
& SaaS business. He previously served as CTO for IoT and Mobile
at Akamai, a leading cloud services provider. Lior has more than 25
years of experience in management, business development,
engineering and sales of technologies including cloud, SaaS,
artificial intelligence, machine learning, data analytics and
networking.
Avid also named Kevin Riley as Chief Technology Officer and SVP
of Technology & Innovation. Kevin brings unique expertise to
the leadership team with specific experience in SaaS and
subscription business and delivery models as well as cloud
architectures. Kevin is responsible for Avid’s technology vision
and innovation strategy and is helping to steer the company’s
top-to-bottom technology strategy to support its digital
transformation. Kevin has more than 25 years of experience
anticipating and capitalizing on technology inflection points. He
most recently served as CTO and EVP of Advanced R&D at Ribbon
Communications.
Focuses Expert Leaders on Core Audio & Video
Business AreasThroughout the second half of 2020, as part
of Avid’s realignment of its products organization, the company
also repositioned key leaders to accelerate innovation and
consistently improve performance around its core audio and video
business areas. The company has appointed longstanding executive
team member Dana Ruzicka to the new role of SVP & GM of Audio
& Music Solutions with responsibility for key products
including Pro Tools music creation software and solutions for music
recording, audio production and live sound. Dana had served as
Avid’s Chief Product Officer since 2015. He has more than 25 years
of experience in media technology product management, business
development, customer service and marketing.
Additionally, the company appointed Avid and industry veteran
Tim Claman to the newly created role of SVP & GM of Video, Post
& Storage Solutions with responsibility for products including
Media Composer video editing software and NEXIS media storage.
Previously, Tim was Avid’s CTO and VP of Software Engineering and
had served in several product management and technology leadership
roles during his 20 years with the company.
Strengthens Commercial and Customer Experience &
Success FunctionsAvid created a new commercial
organization under Tom Cordiner, Chief Revenue Officer, to optimize
go-to-market performance across all end markets, products, delivery
models and market channels. The commercial organization unites all
market-facing revenue-drivers including sales, pre-sales/solutions,
project delivery, marketing and e-commerce.
The company also established a customer experience and customer
success organization under Kathy-Anne McManus, Chief Customer
Experience Officer. This organization focuses on optimizing all
facets of the customer experience across Avid, while ensuring the
ultimate success of the company’s customers through delivering
best-in-class customer support, learning and customer success
management capabilities.
“I’m very pleased that Avid succeeded in adding experienced new
leaders to its management team such as Lior and Kevin to build a
highly scalable SaaS and cloud business as another strategic
element to our growing subscription business,” said Jeff Rosica,
CEO and President, Avid. “Additionally, I am enthusiastic about the
changes we are making in our management team and organizational
structure in order to create a more focused and cost-effective
organization consistent with our cost-savings targets for 2021,
while supporting the next phase of our strategic growth plan. In
the near term, we plan to continue to add talent including senior
business leaders specifically focused on driving our software
subscription and maintenance business areas to accelerate growth in
these strategically important recurring revenue parts of our
business.”
Editor’s note: Headshot photography is available. Please contact
david.smith@avid.com.
Forward-Looking StatementsCertain information
provided in this press release includes forward-looking statements
within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, which are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Examples of forward-looking statements include statements regarding
our future financial performance or position, results of
operations, business strategy, plans and objectives of management
for future operations, and other statements that are not historical
fact. You can identify forward-looking statements by their use of
forward-looking words such as “may”, “will”, “anticipate”,
“expect”, “believe”, “estimate”, “intend”, “plan”, “should”,
“seek”, or other comparable terms.
Readers of this press release should understand that these
forward-looking statements are not guarantees of performance or
results. Forward-looking statements provide our current
expectations and beliefs concerning future events and are subject
to risks, uncertainties, and factors relating to our business and
operations, all of which are difficult to predict and could cause
our actual results to differ materially from the expectations
expressed in or implied by such forward-looking statements.
These risks, uncertainties, and factors include, but are not
limited to: risks related to the impact of the coronavirus
(COVID-19) outbreak on our business, suppliers, consumers,
customers and employees; our liquidity; our ability to execute our
strategic plan including our cost saving strategies, and to meet
customer needs; our ability to retain and hire key personnel; our
ability to produce innovative products in response to changing
market demand, particularly in the media industry; our ability to
successfully accomplish our product development plans; competitive
factors; history of losses; fluctuations in our revenue based on,
among other things, our performance and risks in particular
geographies or markets; our higher indebtedness and ability to
service it and meet the obligations thereunder; restrictions in our
credit facilities; our move to a subscription model and related
effect on our revenues and ability to predict future revenues;
fluctuations in subscription and maintenance renewal rates;
elongated sales cycles; fluctuations in foreign currency exchange
rates; seasonal factors; adverse changes in economic conditions;
variances in our revenue backlog and the realization thereof; risks
related to the availability and prices of raw materials, including
any negative effects caused by inflation, weather conditions, or
health pandemics; disruptions or inefficiencies in our supply chain
and/or operations, including from the COVID-19 outbreak; the costs,
disruption, and diversion of management's attention due to the
COVID-19 outbreak; the possibility of legal proceedings adverse to
our Company; and other risks described in our reports filed from
time to time with the U.S. Securities and Exchange Commission.
Moreover, the business may be adversely affected by future
legislative, regulatory or other changes, including tax law
changes, as well as other economic, business and/or competitive
factors. The risks included above are not exhaustive. We caution
readers not to place undue reliance on any forward-looking
statements includes in this press release which speak only as to
the date of this press release. We undertake no responsibility to
update or revise any forward-looking statements, except as required
by law.
About AvidAvid delivers the most open and
efficient media platform, connecting content creation with
collaboration, asset protection, distribution, and consumption.
Avid’s preeminent customer community uses Avid’s comprehensive
tools and workflow solutions to create, distribute and monetize the
most watched, loved and listened to media in the world—from
prestigious and award-winning feature films to popular television
shows, news programs and televised sporting events, and celebrated
music recordings and live concerts. With the most flexible
deployment and pricing options, Avid’s industry-leading solutions
include Media Composer®, Pro Tools®, Avid NEXIS®, MediaCentral®,
iNEWS®, AirSpeed®, Sibelius®, Avid VENUE™, FastServe®, and
Maestro™. 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.
© 2020 Avid Technology, Inc. All rights reserved. Avid, the Avid
logo, Avid NEXIS, FastServe, AirSpeed, iNEWS, Maestro,
MediaCentral, Media Composer, Pro Tools, Avid VENUE, and Sibelius
are trademarks or registered trademarks of Avid Technology, Inc. or
its subsidiaries in the United States and/or other countries. All
other trademarks are the property of their respective owners.
Product features, specifications, system requirements and
availability are subject to change without notice.
PR Contact:AvidDave
Smith978.502.9607david.smith@avid.com
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