Avid Technology, a publicly traded software company in Burlington, has fired CEO Louis Hernandez Jr. due to violations of the company's workplace conduct policies.
The company announced the termination of Hernandez Jr. on Monday and said that Jeff Rosica, who has been an Avid executive since 2013, has been appointed as the new CEO, effective immediately. Hernandez Jr. also resigned as chairman of the board — a position he's held since 2008, according to his LinkedIn. Nancy Hawthorne, who had previously served as interim CEO for Avid, has been elected as the board's new chairman.
In Avid's Monday press release, the company did not elaborate on the misconduct committed by Hernandez Jr., only saying that it was "non-financially related."
The company said a special committee composed of independent board members, assisted by independent legal counsel, conducted a thorough investigation into allegations of "improper non-financially related workplace conduct" by Hernandez Jr. After reviewing the findings, the board decided to terminate the employment of Hernandez Jr. immediately.
"The Board is committed to the Company’s core values and to upholding an environment of the utmost respect and integrity," Hawthorne said in a statement. "We remain confident in the strategy and the long-term business plan of the Company."
Founded in 1987, Avid makes digital media creation tools for film, video and broadcast professionals, including audio production software Pro Tools. Hernandez Jr., who had been a board member since 2008, was appointed CEO and president in 2013.
