Avid Technology Terminates Louis Hernandez Jr and Names Jeff Rosica as Chief Executive Officer

Avid Technology’s Board of Directors has terminated Louis Hernandez Jr, reportedly due to ‘violations of company policies related to workplace conduct’ and has been replaced by Jeff Rosica as Chief Executive Officer, effective immediately. In addition, Mr. Hernandez has also resigned from his position on the Avid Board of Directors and Nancy Hawthorne has been elected Chairman of the Board.

In a press release Avid states that, “with the assistance of independent external legal counsel, a Special Committee comprising independent members of the Board of Directors conducted a thorough investigation into allegations of improper non-financially related workplace conduct by Mr. Hernandez. After reviewing the findings of the Special Committee’s investigation, the Board of Directors unanimously concluded that the findings warranted immediate termination of Mr. Hernandez’s employment.”

Avid’s new CEO Mr Rosica is an industry veteran of more than 30 years. ‘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,’ commented Ms Hawthorne.

‘I am honored and excited for this opportunity to lead Avid through this important moment in the company’s history,’ said Mr Rosica. ‘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.’