AVID TECHNOLOGY, INC. (NASDAQ:AVID) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Elections of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 10, 2019, Ryan Murray, Vice President of Finance, Chief Accounting Officer and Treasurer, and principal accounting officer, of Avid Technology, Inc. (the “Company”) tendered his resignation to accept a position with another company. Mr. Murray’s resignation will be effective as of August 5, 2019 and is not the result of any dispute related to accounting policies or internal controls or any other disagreement with the Company. The Company is diligently working to identify qualified candidates to replace Mr. Murray as Chief Accounting Officer.
The Company has appointed, upon the effectiveness of Mr. Murray’s resignation, Kenneth Gayron, currently the Company’s Chief Financial Officer and Executive Vice President, to serve as the Company’s Chief Financial Officer, Treasurer and Executive Vice President and principal accounting officer. Mr. Gayron will also continue to serve as the Company’s principal financial officer.
Mr. Gayron, age 49, has served as the Company’s Chief Financial Officer and Executive Vice President since May 31, 2018. Mr. Gayron previously served as CFO and Interim CEO for Numerex Corporation, a single source, leading provider of managed enterprise solutions enabling the Internet of Things, from March 2016 to February 2018. Prior to his tenure with Numerex, Mr. Gayron served as CFO of Osmotica Pharmaceutical Corp., a global specialty pharmaceutical company, from October 2013 to February 2016. Prior to Osmotica, Mr. Gayron acted as Vice President – Finance and Treasurer for Sensus, Inc., a global smart grid communications company, from February 2011 until September 2013. From April 2009 until January 2011, Mr. Gayron served as Treasurer of Nuance Communications, a software/services company. From 1992 until 2009, Mr. Gayron held positions of increasing responsibility with investment banks, including UBS, Bank of America and CIBC.
The Company will not enter into any new compensatory arrangements with Mr. Gayron in connection with his new roles as described above.
There are no arrangements or understandings between Mr. Gayron and any other persons to which Mr. Gayron was named as Treasurer or principal accounting officer of the Company. There are no family relationships between Mr. Gayron and any director or executive officer of the Company and Mr. Gayron has no direct or indirect interest in any transaction or proposed transaction required to be disclosed to Item 404(a) of Regulation S-K.
About AVID TECHNOLOGY, INC. (NASDAQ:AVID)
Avid Technology, Inc. is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Company develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution. The Company’s products are used in production and post-production facilities; film studios; network, affiliate, independent and cable television stations; recording studios; live-sound performance venues; advertising agencies; government and educational institutions; corporate communication departments, and by independent video and audio creative professionals, as well as aspiring professionals and enthusiasts. Projects produced using its products include feature films, television programs, live events, news broadcasts, commercials, music, video and other digital media content.
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