Avid announces changes to Board of Directors

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Avid announces changes to Board of Directors --

Mon, 11 Jan 2016 11:42

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Avid , a provider of digital media technologies for media organisations and independent professionals, 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 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.

The company also announced that George Billings will retire from the board. The election of Westley and resignation of Billings are effective immediately. 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 capitalise on our strong market position and attractive growth opportunities to create long-term value for all shareholders.

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 Westley. Avid is uniquely positioned to capitalise 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 realise its full potential.

Westley is a partner at Blum Capital Partners, an investment firm that is Avid s largest shareholder with an approximately 16.7% stake in the company. At Blum Capital Partners, Westley is a member of the investment committee and has primary responsibility for the Avid investment. 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.

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