Thread regarding Avid Technology Inc. layoffs

Layoff was pre-NAMM this time

At least 4 people from my team were impacted.

NAMM was positive from what I heard.

Pro Tools is only 10 years behind other DAWs now. Few more people are on their way out voluntarily or interviewing.

Sad..

I am giving it some more time to see what the rock bottom is.

by
| 2367 views | | 9 replies (last )
Post ID: @OP+RPhwoX9

9 replies (most recent on top)

As one of his fomer abused Admins I could not believe the humiliating, demeaning unethical treatment which was very routine by him. He would speak with a violent threatening tone. To him women are simply slaves, servants and maids. The man is a pig and a uncivilized caveman. He got what he deserved. The saddest part of all this is that the Board of Directors allowed this to go on for 5 years. It took me a while to get the courage to go to Human Resources, but when I did it was evident the Director and V.P. of H.R. wanted to shut me up as quickly as possible. They were liked scared puppy's with their tails between their legs. This is an organization without a shred of dignity, ethics or morals toward their employees or the way they conduct their business. The BOD finally recognized some of what was going on. They don't have any idea. They are just as irresponsible and guilty as he was.

by
|
Post ID: @kwbr+RPhwoX9

He can now add fired, unethical, misconduct and probably criminal to his great resume. This is one very, very dirty individual. He was so abusive to his Admins and treated them with zero respect and as slaves. He views women as far inferior. The man is a cave man. It took much, much longer than it should have but he got what he deserved. Expect lawsuits in the near future.

by
|
Post ID: @8vzm+RPhwoX9

http://www.blackdragoncap.com/john-frederick.html

Still alive and kicking now under safe harbor. Protect thy wealthy friends.

by
|
Post ID: @6kya+RPhwoX9

CO-FOUNDER/ADVISOR - don’t be mistaken - it’s all about the pig.

Louis Hernandez, Jr., is the founder, visionary, and major investor of Black Dragon Capital. After years of successfully operating, advising and investing in companies in all phases of development, completing all forms of financings in DEBT and equity in both private and public transactions, advising companies, board of directors, investors and entrepreneurs, he envisioned the next generation of private equity in forming Black Dragon Capital. Black Dragon seeks to differentiate itself by staffing the firm with partners and advisors with proven operational success and strong financial returns to shareholders. By combining this operating expertise, deep domain knowledge in targeted markets, and a fairer fee and return structure for investment partners, Black Dragon seeks to minimize the downside risk and optimizing the upside possibility. Working closely with entrepreneurs, Black Dragon leverages its network and domain expertise to assist in accelerating growth and profits in selected markets. Black Dragon is operated by the partners and staff.

Developing and formalizing the Black Dragon Playbook and Black Dragon Way, Mr. Hernandez has formalized his learnings from operating companies in all phases of development which have proven results generating significant returns during his career. The Black Dragon team has taken this framework and tailored its application to the targeted verticals.

Mr. Hernandez is a growth-oriented technology executive with expertise in operational execution and results-driven performance in a variety of complex technical fields including content management, e-commerce, workflow management and financial services. His focus and passion is to advance technology initiatives that specifically enable the active collaboration and connection between individuals, teams, and businesses.

His operating experience includes the Chairman and CEO of Avid, a large publicly traded provider of media-related technology used to help media professionals make, distribute and monetize the most listened to, most watched and most loved digital media in the world. Avid’s proven and trusted solutions have won hundreds of industry and technology awards, including Oscars®, Grammys®, and Emmys® and holds over 200 patents. He was the architect of a dramatic turnaround and the launch of Avid Everywhere, ambitious media platform to solve the industry’s most critical issues. Having applied for 66 patents (36 granted) related to Avid Everywhere, and garnered 25 product awards. Before Avid, he was the Chairman of the Board and Chief Executive Officer of Open Solutions Inc., a technology provider to financial institutions worldwide, which grew from approximately $12.9m to $400m during his tenure and was sold in January 2013 to Fiserv, Inc. As an operator and advisor to publicly traded companies, he has generated returns of 5 times the Nasdaq composite during the equivalent periods.

He is an award-winning entrepreneur who has recently founded, invested, and advised technology organizations ranging from startups to large publicly traded companies including: Unica Corporation, Mobius Management Systems, ScoreBig, and iCongo/Hybris. His current investments include Indus Technology, Edge Consulting, Payveris, Fortress Plus, Enterworks, ASI and Digital Foodie.

Mr. Hernandez was appointed to the Board of Directors of Edison International and Southern California Edison in August 2016. Edison International through its subsidiaries, is a generator and distributor of electric power, as well as a provider of energy services and technologies, including renewable energy. Mr. Hernandez is a member of the board of directors of Avid Technology Inc., a publicly-traded company and worldwide leader in providing content creation and distribution technology tools for film, video, audio, 3D animation, gaming and broadcast professionals. Mr. Hernandez was recruited to the board to help navigate a two stage turnaround for this market leading media Technology Company. Improving profitability, realigning its product strategy and improving its growth prospects were key areas of focus for the board of directors and management. Mr. Hernandez joined the board due to a relationship with the CEO. Mr. Hernandez was the former Chair of Nominating and Governance Committee, former Member of Compensation Committee, former Chair of Compensation Committee, and former member of Audit Committee.

Mr. Hernandez has also served on several boards of directors including HSBC North America Holdings Inc., the North American holding company for the consumer lending arm and principal banking subsidiaries in the U.S. and Canada of one of the largest banking and financial services organizations in the world. He also served on the board of directors of HSBC USA Inc., an indirectly-held wholly-owned subsidiary of HSBC North America Holdings Inc. and one of the ten largest bank holding companies in the U.S. by assets, and its principal subsidiary, HSBC Bank USA, N.A. Mr. Hernandez was recruited to join the board during the height of the financial crisis to help navigate the legislative, regulatory and business challenges the financial institution would face. He was the co-chairman of the Fiduciary Committee, a member of the Audit & Risk Committee, and a member of the Board of Directors.

Mr. Hernandez is the author of three books, Saving the American Dream, Too Small to Fail, and The Storyteller’s Dilemma, numerous articles, and has received many professional distinctions for his expertise in business and technology. He has also been a featured guest on Fox Business, CNBC, ABC News, and Bloomberg TV, where he discusses technology, economics, strategic planning and globalization.

He was an advisor to Mr. Murthy, the founder and former CEO of Infosys, regarding technology strategy and global expansion and worked with several private equity and venture capital firms. He has been a frequent speaker at events in a variety of industries including the KPMG Leadership Conference.

He has been inducted into the Innovators Hall of Fame by Banking Technology News, listed as the top 5 innovators in financial technology, won numerous entrepreneurial awards, and been recognized by several entrepreneurial groups.

Through his philanthropic and profitable organization, A Little Hope Foundation, Mr. Hernandez actively supports and raises funds for children’s issues and advances in healthcare and education. In particular, the Cystic Fibrosis Foundation named Mr. Hernandez a Community Leader of the Year in honor of his many contributions to the community funded by others. He has been a member of the Board of Connecticut Children’s Hospital, the Connecticut Science Center, former Vice Chair of the Governor’s Council on Economic Competitiveness and Technology, former Chair to the Technology Transfer Advisory board for Connecticut, Past Chairman of the Connecticut Technology Council, and former Vice-Chair of the Commission for Educational Technology, among others.

by
|
Post ID: @6vxr+RPhwoX9

Ha - ScoreBig was shut down, numerous accusations of fraud and consumer complaints filed with the BBB. Old news but, agree, still very telling about LHJ’s ruthless desire to selfishly profit

by
|
Post ID: @5pup+RPhwoX9

How telling is it when the Avid CEO/Chairman of the Board and his inflated salary dedicates his time toward his own investment firm and also sits on the Board for several other companies including an online ticket scalping agency guised as liquidators - how apropos. ScoreBig.com - only Louis and his master puppets score big here at Avid. Crooks.

by
|
Post ID: @5vhv+RPhwoX9

Completely agree with the ACA comments. It serves no true, beneficial purpose. It’s a colossal waste of employee resources and money when you factor in the fortune paid out to the external contractor who program manages the annual charade in Vegas and all the associated production costs to support flashy, contrived pool parties, etc. But let’s face the truth, it’s yet another self-serving platform enabling Louis and his massive ego to continually build his speaking appearance repertoire in support of his outside endeavors which are a plenty, folks. Any guesses as to what his fee is: http://www.celebritytalentpromotions.com/speaker/louis-hernandez-jr.php

by
|
Post ID: @4mqn+RPhwoX9

Well said. As an employee of this horrible organization I could not have described any better what this organization is truly about. That last post was right on the money (no pun intended). The C-level executives know that this company is spiraling down to nowhere. Other wise they would held on very dearly to the stocks. The CPO selling 765 shares is an act that reflects the future. You are a CPO making a ton of money you do not deserve. And you dump a measly 765 shares. That speaks volumes.

by
|
Post ID: @4eti+RPhwoX9

Next will be Post NAB. May-June time frame. Lots of money will be spent at NAB, in particular for Louis Pet-Peeve, the ACA (Avid Customer Association). Louis and his team try to hype the ACA, but it has little value. Interest in the ACA continues to drop significantly. This is evidenced by the fact that they have no premier sponsors paying big money to cover the ridiculous expenses. So this will cost Avid a bundle and will have no return value. But Louis will be able to get up in front of people (his favorite thing to do), he loves to have an audience and babble on about absolutely nothing. And try to tell the world how great he is. The transformation is complete. The way the CFO dumped stocks in December after being with the company only a year indicates how he feels about the "transformation" and financial future of the company and stock price. The CFO is no dummy. He knew to dump almost 40 thousand shares of stock at around $6 because the "transformation" is B.S. and the financial future is very bleak. Even worse, the CPO dumped 765 shares, he wasn't even willing to let 765 shares ride, so he also has no belief in the future of the company. The CEO and COO also dumped stocks in December around the $6 mark. That certainly reflects a sentiment of no belief in the future or the transformation. Great job executive staff.

by
|
Post ID: @1huh+RPhwoX9

Post a reply

: