Avid Technology announced Monday that the company’s board of directors terminated CEO Louis Hernandez, Jr. due to “violations of company policies related to workplace conduct.” He has been replaced by former SVP Jeff Rosica as CEO, effective immediately; Hernandez also resigned from his position on the Avid Board of Directors and Nancy Hawthorne has been elected chairman of the board.
Avid’s products include the popular music-production program Pro Tools.
A company press release reads: “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.”
“The board is committed to the company’s core values and to upholding an environment of the utmost respect and integrity,” Hawthorne said in a statement. “We remain confident in the strategy and the long-term business plan of the company.”
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Regarding Rosica’s appointment, Hawthorne said, “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.”
Rosica said, “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.”
