Avid Technology Inc. has terminated its CEO after an investigation found he violated company policies around workplace conduct.
Avid said the termination of Louis Hernandez Jr. was the result of "a thorough investigation into allegations of improper non-financially related workplace conduct" by Hernandez, after which the board unanimously voted to fire him, effective immediately. Avid did not respond immediately to requests for comments.
News of the firing comes after years of financial management issues at the company, which resulted in Avid getting delisted from the Nasdaq in 2014 for almost a year because of poor accounting practices. Avid's CFO at that time had stepped down amid a major company restructuring in 2016. Hernandez had taken over as CEO in 2013 and spearheaded that restructuring. Last year, Avid declared the company's transformation complete with a major shift in strategy to focus on the MediaCentral software platform, promising a growth phase and the end to the accounting troubles.
Hernandez, who also served as chairman, will be replaced as CEO by Jeff Rosica, formerly Avid's chief sales and marketing officer. Board director Nancy Hawthorne has been named chairman.
“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 prepared statement. "We remain confident in the strategy and the long-term business plan of the company.”