Avid Names New CFO

Burlington, Mass.-based Avid Technology (NASDAQ: AVID  ) has a new chief accountant.

On Monday, the multimedia and graphics software producer announced that it is promoting John Frederick to three positions simultaneously -- and immediately. Henceforth, Frederick will be Avid's executive vice president, and also its chief financial officer and chief administrative officer, replacing current officer Ken Sexton in all three positions.

In an SEC filing that appeared concurrently with the press release, Avid clarified that Frederick will be paid an annual base salary of $425,000, plus:

  • A signing and a relocation bonus of $200,000.
  • An annual incentive bonus targeting 100% of annual base salary, and in some cases rising to a maximum of 135% of annual base salary.
  • An annual travel and housing allowance of approximately $134,000.
  • 65,000 time vesting stock options.
  • 65,000 time vesting restricted stock unit awards.
  • 400,000 performance vesting stock options.

The man Frederick is replacing, Sexton, will in turn become a "consultant" with the company. In exchange for working 45%-time on company business through Sept. 30, Sexton will receive a $15,000 monthly consulting fee, in addition to all severance benefits due to him for leaving the company's official employ.

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