TEWKSBURY, MA (APRIL 27, 2000) -- Avid Technology, Inc. announced that it has promoted David Krall to President and Chief Executive Officer. Mr. Krall had served as President and Chief Operating Officer since October 1999, and most recently led the efforts to refocus the company's strategic direction on its core markets and emerging internet infrastructure opportunities. Krall had previously been Chief Operating Officer at the company's Digidesign audio division, a position he had held since May 1998. He joined Avid Technology in May 1995 as Digidesign's Director of Program Management and later served as Digidesign's Vice President of Engineering. He holds B.S. and M.S. degrees from MIT and an MBA from the Harvard Business School.

Additionally, Ethan E. Jacks has been promoted to Senior Vice President and Acting Chief Financial Officer. Mr. Jacks joined Avid in March 1999 and has served as Vice President, Business Development and General Counsel. Mr. Jacks had spent eight years as General Counsel for Molten Metal Technology and had been a partner in the law firm McDermott, Will & Emery. He holds a B.S. from MIT, an M.S. from the Sloan School of Management at MIT, and a J.D. from Georgetown University. The company is undertaking a formal search for a permanent CFO.

William L. Flaherty, who joined Avid as Chief Financial Officer in September 1996 and who had also served as Acting Chief Executive Officer since October 1999, has announced his decision to leave Avid.

Robert Halperin, Chairman of Avid's Board of Directors, commented "We are very pleased to announce the promotions of David and Ethan to their new positions. We believe that Avid's management team has the determination and dedication to continue strengthening its core business while fostering growth in its new internet initiatives. Much of the credit for putting Avid on its strong financial footing goes to Bill Flaherty, who is leaving Avid on excellent terms. We thank for his long-lasting contributions."

Mr. Flaherty commented, "It has been a genuine pleasure to serve Avid's outstanding constituencies, our customers, employees and shareholders, for the past three and one half years. Having served in major line management roles at Avid and my former employer, I am taking the opportunity to look for a permanent CEO role at another company. I wish David and his team at Avid a very successful future."

Mr. Krall added, "We very much appreciate Bill's contributions to ensuring the solid operational and financial platform we now have, and from which we can grow in the future. We are very excited about the opportunities in front of us. Our recent experience at the National Association of Broadcasters show, including the new products and services we announced and our new approach to sales and marketing, have enabled us to regain the confidence of customers."

Separately, the company today announced its earnings for the first quarter ended March 31, 2000.

 

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