2:08pm PT by Carolyn Giardina
Avid CEO Ousted Due to Violations in "Workplace Conduct"
Avid, the maker of popular film editing and sound postproduction tools widely used in Hollywood, has terminated its CEO, Louis Hernandez, Jr., citing "violations of company policies related to workplace conduct."
"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 company announced Monday.
The board has named company president Jeff Rosica as Avid's new CEO. The industry vet joined Avid in 2013 after a lengthy tenure at broadcast equipment manufacturer Grass Valley. Hernandez has also resigned from his position on the Avid board of directors, and Nancy Hawthorne has been elected board chairman.
“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,” Hawthorne said in a statement.
Added Hawthorne of Rosica: “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.”