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Avid Technology names Frederick new finance chief

BURLINGTON, Mass. (AP) -- Digital audio and video technology company Avid Technology Inc. on Monday named John Frederick as its chief financial officer and chief administrative officer.

Frederick replaces Ken Sexton, who has been with Avid since January 2008. Avid hired Frederick as its chief of staff in February. Until January he was the chief financial officer of Open Solutions Inc. The company said Frederick is 49.

Sexton, 59, will become a consultant with the company.

In February, Avid Technology hired Louis Hernandez as president and CEO. Hernandez is the former chairman and CEO of Open Solutions, which was acquired by Fiserv Inc. in January.

Avid shares added 7 cents to $6.35 in afternoon trading. The stock has traded between $5.85 and $10.04 in the past 52 weeks.