Avid announces new CFO

John Frederick will become Avid’s Executive Vice President, Chief Financial Officer and Chief Administrative Officer, effective immediately. He replaces Ken Sexton. Before joining Avid as Chief of Staff in February 2013, Frederick was Corporate Executive Vice President and Chief Financial Officer of Open Solutions, Inc., a technology provider to financial institutions worldwide, which was acquired in January 2013 by Fiserv, Inc. Ken Sexton will transition from his role as Executive Vice President, Chief Financial Officer and Chief Administrative Officer to become a consultant with the company.

Earlier in his career, Frederick served as Senior Vice President and CFO of SafeNet, Inc., a global encryption security company. Additionally, he held a variety of senior financial, business planning, and analysis roles at organisations including AlliedSignal, now Honeywell, Time Warner – Six Flags, Sunbeam Corporation, and Legrand North America.

“John is a seasoned financial executive with extensive experience directing the strategic performance of high-growth technology companies,” said Louis Hernandez, Jr., President And Chief Executive Officer of Avid. “I previously worked with John at Open Solutions, and John’s leadership and financial acumen were instrumental in our successful sale to Fiserv. I am thrilled to have him be part of the team at Avid, as we take the company into its next phase of growth.”

Hernandez added, “On behalf of the Avid community, I also would like to thank Ken Sexton for his guidance, leadership, and years of service to Avid. We are fortunate to be able to retain him in a consulting capacity, and to insure a smooth transition of his responsibilities.”