- Push-out Score determined
- After less than a year and a half in the position
- Thanks and good wishes for Agle
- Ken Gayron taking over
(exechange) — Burlington, Massachusetts, May 31, 2018 — Brian Agle, finance chief of Avid, leaves. It is an abrupt change. As announced by Avid Technology, Inc. in a news release and in a regulatory filing published on Thursday, May 31, 2018, Brian E. Agle, Chief Financial Officer, has left the technology and multimedia company after less than a year and a half in the role, effective May 30, 2018.
No company wants a CFO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.8 years, according to data compiled by exechange. Only 16 percent of the CFOs who departed over the past 12 months left the position within two years, and 30 percent left the position within three years.
Agle’s move comes three months after Jeff Rosica took over as CEO of Avid Technology, Inc.
Agle’s duties will be taken over by Kenneth (Ken) Gayron, most recently Chief Financial Officer of Numerex.
The fact that Agle’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
Agle’s move is part of a management shake-up.
“To enhance Avid’s operational capabilities”
The management change is explained as follows. Avid said in a fairly blunt statement: “Avid … today announced changes in its executive and senior leadership teams, including the appointment of its new chief financial officer and the creation of the chief legal and administrative officer role, as well as several strategic appointments across product development, supply chain management and a number of key corporate functions. These changes are designed to enhance Avid’s operational capabilities to better position the Company to drive growth and improve business performance.”
Precise information about Agle’s future plans was not immediately available.
Avid said: “Brian Agle, who held the position of CFO & SVP since December 2016, has departed Avid to pursue other interests.”
Avid further said: “As of May 30, 2018, Brian E. Agle’s employment with the Company ended and he is no longer acting as the Company’s Chief Financial Officer.”
Share price decline
The change follows a decline in the share price of Avid Technology, Inc. since June 2015.
Chaired by Nancy Hawthorne
Avid Technology, Inc. is chaired by Nancy Hawthorne.
CEO: Jeff Rosica
Jeff Rosica serves as CEO of Avid Technology, Inc. Jeff Rosica has been President of Avid Technology, Inc. since December 2016 and its Chief Executive Officer since February 25, 2018.
In the position of CFO since 2016
Brian E. Agle has been Chief Financial Officer and Senior Vice President of Avid Technology, Inc. since December 12, 2016.
Brian E. Agle joined the company as Senior Vice President and Chief Financial Officer in December 2016.
From 2014 until joining the Company, Agle served as an Operating Advisor at Francisco Partners, a leading global private equity firm focused on technology, and was responsible for leading the finance and accounting best practices across the firm’s more than 30 portfolio companies.
From 2008 until 2012, Agle served as Chief Financial Officer at Rocket Software, an enterprise-software development company, where during his tenure he directed the successful acquisition and integration of several companies and asset purchases.
Before joining Rocket, he was Senior Vice President and Chief Financial Officer for Activant Solutions, a business management software company.
Previously, Agle spent fourteen years at Novell Inc. where he operated in several financial leadership roles including Vice President, CFO of Global Field Operations with financial responsibility for the $1 billion business.
Agle began his career with Ernst & Young and is a licensed CPA (inactive) in California, with both a bachelor’s degree in accounting and a master’s of accountancy from Brigham Young University.
At the time of Agle’s appointment as Chief Financial Officer at Avid, Louis Hernandez, Jr., then chairman, president and chief executive officer of Avid, had said: “Brian is a seasoned financial executive with extensive experience leading global financial organizations in technology and software businesses with a history of leading and completing business transformations, and a strong discipline in cost and cash management. His experience in enterprise software and recurring revenue models such as SaaS business models makes him an ideal fit as Avid increasingly shifts its own business to more cloud-based subscriptions and enterprise software models. As we conducted the search process it was important that we found the right individual to both assist us in the completion of our transformation in Q2 2017, and contribute into the future as we transition to a focus on growth in the second half of 2017 and beyond. Brian has the right profile to help the company make this transition successfully.”
At the time of his appointment as Chief Financial Officer at Avid, Agle had said: “It is clear to me that Avid has an incredible brand, a committed team, supportive and engaged clients, and has continued its industry-defining innovation once again with its Avid Everywhere platform strategy. While company transformations are never easy, I’ve been impressed with the progress they’ve made on this ambitious transformation and can see the pieces coming together. I look forward to helping the Avid team drive to the end of the transformation and shift to a focus on growth, earnings and cash flow.”
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 24.2018 ($).