Avid appoints Jeff Rosica as new CEO
Posted on: Tuesday 27th of February 2018
Avid’s board has terminated the employment of Louis Hernandez, Jr., former chief executive officer, effective immediately, due to violations of company policies related to workplace conduct. Hernandez has also resigned from his position on the Avid board of directors and Nancy Hawthorne has been elected chairman of the board. Rosica, who joined Avid in early 2013, is a well-known industry veteran with more than 30 years’ experience in broadcast, media and entertainment. Prior to his role as president, he served as senior vice president, chief sales and marketing officer for the company.
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 directors unanimously concluded that the findings warranted immediate termination of Hernandez’s employment. 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.”