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Avid Technology Names Jeff Rosica As CEO; Terminates Louis Hernandez, Jr.

Avid Technology Inc. (AVID) said its board of directors has appointed Jeff Rosica as Chief Executive Officer of the company, with immediate effect. The board has terminated the employment of Louis Hernandez, Jr., former CEO, also effective immediately, due to violations of company policies related to workplace conduct.

Hernandez has also resigned from his position on the Avid board of directors and 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-financially related workplace conduct by Hernandez.

After reviewing the findings of the Special Committee's investigation, the board unanimously concluded that the findings warranted immediate termination of Hernandez's employment.

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