Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The media mogul and Billionaire Sumner Redstone passed away on Tuesday at the age of 97, his family's holding company National Amusements said in a statement on Wednesday. He was Chairman Emeritus of ViacomCBS and chief executive officer of National Amusements. Customers in the U.S. are preferring digital or touchless payment methods due to concerns arising from the COVID-19 pandemic, a survey said. According to the survey by Rapyd Financial Network, the coronavirus pandemic has raised health and safety concerns around using cash and coins, and is accelerating the pre-existing trend toward digital transactions. American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until December 31, 2020 in response to lower travel demand due to the coronavirus pandemic. This means that the travelers need not pay penalties for changing the origin and destination cities.
Follow RTT