Avid has announced the appointment of Jeff Rosica as its CEO, effective immediately.
The Company’s board of directors has terminated the employment of Louis Hernandez, Jr., former CEO, 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.
According to a statement, Avid set up a special committee to conduct 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 his employment.
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.”
Rosica joined Avid in early 2013 and has more than 30 years experience in broadcast, media and entertainment.
He said: "I am honoured 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.”