Avid Technology has announced that David Krall will step down from his positions as president, CEO and board member at the end of July. Nancy Hawthorne, current board member and former chairman, will serve as Avid's interim CEO as the board searches for Krall's replacement.
The Tewksbury, Massachusetts-based company also reaffirmed its second quarter guidance of US$220 million and US$230 million in revenue. Avid plans to release its financial results for Q2 on Thursday, July 26.
Krall said he is proud to have played a role in helping Avid become a leading technology and services provider, however "the time is right for new leadership at the helm."
Hawthorne, who currently serves as CEO of the financial advisory and investment firm, Clerestory LLC, has been a member of the Avid board of directors since 1997. Previously, Hawthorne was the chief financial officer of Continental Cablevision Inc. from 1992 to 1996. Following Continental Cablevision's merger with US West Inc., she became an executive vice president of the merged company, MediaOne.
Krall, who has served as president, CEO and board member for the past seven years, will be available as a consultant to Avid during the transition period, the company said.
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