Avid Names New CFO

Burlington, Mass.-based Avid Technology (NASDAQOTH: 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.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2381544, ~/Articles/ArticleHandler.aspx, 11/1/2014 8:30:43 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement