Avid Technology announced today that its board of directors has terminated CEO Louis Hernandez Jr. after violations of company policies related to workplace conduct. The board has appointed Jeff Rosica to take Hernandez’s place.
A special committee of independent members of the board of directors worked with external legal counsel for an investigation into allegations of improper non-financially related workplace behavior by Hernandez. After reviewing the investigation, the board unanimously concluded that the findings warranted his immediate termination. No further details on Hernandez’s conduct were divulged.
It also was announced that Hernandez resigned from his position on the Avid board of directors. Nancy Hawthorne will take the role of Chairman of the Board.
Rosica said of his new position: “I am honored and excited for this opportunity to lead Avid through this important moment in the Company’s history. The outlook for Avid is strong, and I look forward to working with the leadership team, the Board and our incredibly talented employees as we execute on our strategic priorities and continue our journey to be a best-in-class company and leader in our industry.”
Said Hawthorne: “Jeff’s deep experience as an industry expert coupled with his impressive knowledge of Avid’s business and strategy make him the natural choice to lead the Company. The Board is committed to the Company’s core values and to upholding an environment of the utmost respect and integrity. We remain confident in the strategy and the long-term business plan of the Company.”
Rosica, an industry veteran, joined Avid in early 2013. Prior to his role as President, he served as SVP Chief Sales and Marketing Officer for Avid.
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