Today, Avid announced its board of directors has terminated the employment of Louis Hernandez, Jr., former chief executive officer, effective immediately, “due to violations of Company policies related to workplace conduct,” according to a press release from Avid. Hernandez has also resigned from his position on the Avid board of directors. Hernandez had been chairman of the board since February 2008 and CEO since February 2013.
Jeff Rosica has been appointed chief executive officer of Avid, effective immediately. Rosica joined Avid in 2013 and, prior to his appointment, served as senior vice president, chief sales and marketing officer for Avid.
In its press release, Avid said 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.”
Nancy Hawthorne has been elected chairman of the board. She has been a director of Avid since 1995 and had previously served as chairman of the board from 2004-2007 as well as acting as interim CEO for a period of time.
Nancy Hawthorne said, “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.”