Avid Technology, Maker of Protools, Terminates CEO Louis Hernandez, Jr. for Improper Workplace Conduct
He has been replaced effective immediately by president Jeff Rosica.
Music tech company Avid Technology, known widely for its Pro Tools editing software, announced on Monday (Feb. 26) that its board of directors terminated CEO Louis Hernandez, Jr. due to "violations of Company policies related to workplace conduct." He has been replaced effective immediately by president Jeff Rosica.
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 press release, "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."
Added Hawthorne in a statement, "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 2013 as SVP, worldwide field operations and has worked in broadcast, media and entertainment for more than 30 years. In 2016, Rosica assumed the role of SVP, chief sales and marketing officer and, according to his LinkedIn, Rosica was elevated to president in December 2016.
"I am honored and excited for this opportunity to lead Avid through this important moment in the Company's history," said Rosica in a statement. "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."
Added Hawthorne, "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."