Avid's board of directors appointed Louis Hernandez to be its new… (Courtesy of Raddon Financial…)
In the realm of Hollywood film editors, Avid Technology Inc., is king. But in recent weeks, some unsettling news about the company has its loyal users worried about the company's future.
I came across some of these concerns while reporting a story this week about how Apple is making a push to get high-end professional editors to take another look at Final Cut Pro X. The story notes that there appears to be some opportunity for Apple to take a run at this market in part because Avid has had some financial issues.
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Earlier in the year, Avid CEO Gary Greenfield said he was stepping down and the company replaced him with Louis Hernandez, a veteran member of Avid’s board of directors. Then, in late February, the company announced it was delaying release of its most recent earnings report due to some accounting issues that had emerged. As a result of that delay, Nasdaq is now threatening the company with de-listing its stock.