A Special Committee comprising independent members conducted a thorough investigation into allegations of improper non-financial related workplace conduct by Hernandez, based on which his employment was terminated.
Avid’s Board of Directors has appointed Jeff Rosica as its Chief Executive Officer of the company, with immediate effect and terminated the employment of Louis Hernandez, Jr., former CEO, due to violations of company policies related to workplace conduct.
Hernandez has also resigned from his position on Avid’s Board of Directors. Nancy Hawthorne has been elected Chairman of the Board.
Avid Technology noted that with the assistance of independent external legal counsel, a Special Committee comprising independent members of its board conducted a thorough investigation into allegations of improper non-financial related workplace conduct by Hernandez.
After reviewing the findings of the Special Committee’s investigation, Hernandez’ employment was terminated.