Avid Technology Announces Appointment of Jeff Rosica as Chief Executive Officer
Avid has announced the appointment of Jeff Rosica as Chief Executive Officer of Avid with immediate effect. The Company’s Board of Directors has terminated the employment of Louis Hernandez, Jr., the former Chief Executive Officer, with immediate effect, due to violations of Company policies related to workplace conduct. Mr Hernandez has also resigned from his position on the Avid Board of Directors and Nancy Hawthorne has been elected Chairman of the Board.
Jeff Rosica joined Avid in early 2013, has 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 Avid.
Nancy Hawthorne, Chairman of the Avid Board of Directors told us...
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.
Jeff Rosica, President and Chief Executive Officer of Avid, 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.
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.
Nancy Hawthorne added...
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.