Avid Fires CEO, Appoints Jeff Rosica

Avid Technology has announced that it has terminated the employment of CEO Louis Hernandez Jr. due to violations of company policies related to workplace conduct.

Avid issued a statement on Feb. 26:

"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."

Effective immediately, the Avid board of directors has appointed Jeff Rosica as chief executive officer of Avid. Rosica joined Avid in early 2013, and prior to his role as president, he served as senior vice president, chief sales and marketing officer for the company.

Hernandez also resigned from his position on the Avid board of directors; Nancy Hawthorne has been elected chairman of the board.

"The board is committed to the company's core values and to upholding an environment of the utmost respect and integrity," Hawthorne said. "We remain confident in the strategy and the long-term business plan of the company."