In the wake of falling profits, Avid has announced the resignation of both its CEO and president.

With third-quarter revenues of $113.3 million - against $116.2 million in the same quarter last year - Avid reported a loss of $13.1 million. The company has now announced that it is parting company with its CEO, William Miller, and its president, Clifford Jenks.

The current chief financial officer, William Flaherty becomes acting CEO. David Krall, currently chief operating officer at Digidesign – Avid’s professional audio business – becomes president.

In his resignation, Miller accepted that Avid’s attempt to grow had failed. Flaherty spoke of the company’s strengths in the video and music fields and its need to undergo significant restructuring, in order to bolster those strengths. A new infrastructure was also discussed during a specially convened conference.