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Avid Technology appoints Hernandez as CEO

BURLINGTON, Mass. (AP) -- Avid Technology Inc. on Monday appointed Louis Hernandez as president and CEO of the digital audio and video technology company.

The company said Hernandez has a deep familiarity with Avid's customers, markets and products. Hernandez, 46, worked most recently as chairman and chief executive of Open Solutions Inc., a financial technology company, which was acquired in January by Fiserv Inc. He has been a member of the Avid board since 2008.

Hernandez succeeds Gary Greenfield, who voluntarily resigned as chairman, CEO and president of the company, according to a filing with the Securities and Exchange Commission. He will remain on Avid's board of directors.

Avid appointed George H. Billings, a director of the company, to replace Greenfield as chairman.

Shares of Burlington, Mass., company increased 17 cents to $7.70 in midday trading. Its shares have traded between $5.85 and $12.14 in the past 52 weeks.