Jeff Rosica Steps into CEO Role; Nancy Hawthorne Named Chairman of the Board
Former CEO Louis Hernandez Jr. is out at Avid, following unspecified violations of corporate policy on workplace conduct, the company said today.
Hernandez is being replaced in the CEO role by Jeff Rosica, most recently president and formerly SVP and chief sales and marketing officer for the company. Hernandez is also off the Avid board of directors, where Nancy Hawthorne has been elected chairman.
Rosica joined Avid in 2013, moving over from Grass Valley, where he was EVP and chief sales and marketing officer.
Avid did not specify the exact nature of the offenses that led to the dismissal, describing only “allegations of improper non-financially related workplace conduct by Mr. Hernandez.” An investigation was conducted by a committee of the board of directors with the assistance of external legal counsel, Avid said. The board’s final decision to terminate Hernandez was unanimous, the company said.
“The Board is committed to the Company’s core values and to upholding an environment of the utmost respect and integrity,” said Hawthorne in a prepared statement. “We remain confident in the strategy and the long-term business plan of the Company.”
Hernandez had served on the Avid board of directors since 2008, and was former chairman of the board and CEO of Open Solutions before becoming Avid’s CEO in February 2013. At Avid, he helped shepherd the company through a difficult period in its history, as it conducted a long financial restatement process that resulted in the company being temporarily delisted from the NASDAQ stock exchange. He oversaw the launch of its Avid Everywhere media sharing and distribution platform and the Avid Customer Association, designed to make the company more responsive to user needs.