Rank 3 arithmetically Cohen-Macaulay bundles on hypersurfaces

Let $X$ be a smooth projective hypersurface of dimension $\geq 5$ and let $E$ be an arithmetically Cohen-Macaulay bundle on $X$ of any rank. We prove that $E$ splits as a direct sum of line bundles if and only if $H^i_*(X, \wedge^2 E) = 0$ for $i = 1,2,3,4$. As a corollary this result proves a conjecture of Buchweitz, Greuel and Schreyer for the case of rank 3 arithmetically Cohen-Macaulay bundles.