The Board of Directors at Avid voted on February 25, 2018 “to terminate the employment of Louis Hernandez Jr., Chief Executive Officer, effective immediately, due to violations by Mr. Hernandez of the Company’s policies related to workplace conduct,” according to a filing with securities regulators.
As a result of this termination under his employment agreement, Mr. Hernandez is no longer the Company’s Chief Executive Officer. Hernandez has also resigned from his position on the Avid Board of Directors and Nancy Hawthorne has been elected Chairman of the Board.
Avid said the termination of Hernandez is “due to violations of Company policies related to workplace conduct.”
The company provided more detail, saying: “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.”
Jeff Rosica, who has been serving as the Company’s President, as the Company’s Chief Executive Officer, effective immediately
“I am honored and excited for this opportunity to lead Avid through this important moment in the Company’s history,” said Roscia. “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.”
Nancy Hawthorne, Chairman of the Avid Board of Directors, said, “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.”
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