Avid’s board of directors has named company president Jeff Rosica as chief executive officer, effective immediately. The board also announced the termination of former CEO Louis Hernandez, Jr., due to violations of company policies related to workplace conduct. Hernandez has also resigned from his position on the Avid board and Nancy Hawthorne has been elected chairman.
Rosica, who joined Avid in early 2013, is a well-known industry veteran with more than 30 years of experience in broadcast, media and entertainment. Prior to his role as president of Avid, he served as senior VP, chief sales and marketing officer for the company.
According to an Avid press release, 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 Hernandez. After reviewing the findings of the special committee’s investigation, the board of unanimously concluded that the findings warranted immediate termination of Hernandez’s employment.
“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,” reports Hawthorne.