Pinnacle Systems Appoints New President & CEO

[J.A.F._Doorhof]

Pinnacle Systems, Inc. has appointed J. Kim Fennell as the new President and CEO of the Company, effective July 1, 2002. Fennell most recently served as President and CEO of StorageWay, a leading storage service provider in Fremont, CA. Prior to StorageWay he was a vice president and officer of Lucent Technologies.

Mark Sanders, the current president & CEO of Pinnacle Systems for the past 12 years, assumes the role of Chairman of the Board, and will continue to be actively involved in the company.

"Kim joins us at a very exciting time," said Mark Sanders, chairman of the Board at Pinnacle Systems, "bringing skills and experience which are essential for us to continue to grow at the pace we have enjoyed. Pinnacle Systems is very well positioned in the video industry, with deep technology advantages. Kim's extensive sales and marketing talents, combined with his general management capabilities running billion-dollar businesses, and his international experience complement the strengths of Pinnacle's management team. Our goal remains unchanged: We intend to be the dominant provider in the digital video market, and Kim is a great match to take Pinnacle Systems to the next level."