Avid CEO Hernandez sacked for workplace misconduct

Avid’s board of directors terminated Hernandez’s employment following an investigation into allegations of “improper non-financially related workplace conduct” by a committee made up of Avid board directors and an independent external legal counsel.

“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,” the company said in a statement.

Hernandez has also resigned from his position on the Avid board of directors. Nancy Hawthorne has been elected Chairman of the board.

Hawthorne said: “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.”

Hernandez, who replaced Gary Greenfield in early 2013, had been a member of the Avid board since 2008. Prior to joining Avid, he held the role of CEO of financial services technology company Open Solutions.

While at Avid, Hernandez oversaw the launch of the MediaCentral Platform, the acquisition of Orad and in 2016 a round of restructuring and redundancies.

Rosica, who joined Avid in early 2013 as Chief Sales and Marketing Officer was promoted to President in December 2016.

Hawthorne 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.”

Rosica added: “I am honored 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.”