Nonlinear editing vendor Avid Technology says that president and CEO David Krall will be leaving the Tewksbury, Mass.-based company at the end of the month.
Nancy Hawthorne, current Avid board member and former chairman, will serve as the company's interim CEO as the board begins an immediate search for a new chief. Hawthorne, a Continental Cablevision veteran who currently serves as CEO of the financial advisory and investment firm, Clerestory LLC, has been a member of Avid's board since 1997. Krall, who will also be relinquishing his role as a member of Avid's board, will be available as a consultant to the company during the transition period.
Krall's departure comes as Avid is facing increased competition in the nonlinear editing market from Apple's Final Cut Pro and other low-cost, laptop-based editing software. In response, the company has created lower-cost versions of its popular editing systems that run on laptops and also diversified into supplying content management and automation software that complements its high-margin video storage and server systems.
"David has been instrumental in transforming Avid Technology’s business – and keeping it at the forefront of the digital media revolution," said current Avid chairman Pamela Lenehan in a statement. "He has helped direct the company’s efforts to revitalize its postproduction 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."
Avid, which is releasing second-quarter 2007 earnings on July 26, reaffirmed its Q2 guidance of $220M to $230M in revenue and non-GAAP earnings-per-share of $0.15 to $0.20.
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