Avid Technology Fires CEO Over ‘Workplace Conduct’ Violations
Luis Hernandez Jr. was terminated for “non-financially related workplace conduct,” says company
Sean Burch | February 26, 2018 @ 2:45 PM
Last Updated: February 26, 2018 @ 2:54 PM
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Avid, the leading video editing software company, has fired CEO Luis Hernandez Jr. for violating “company policies related to workplace conduct,” the company announced on Monday.
The company said it had reached its decision after a “special committee” that included members of its board of directors had investigated allegations against Hernandez. Avid said the exec was terminated for “non-financially related workplace conduct.”
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 also resigned from his seat on the board of directors.
Avid tapped its president, Jeff Rosica, as its new CEO. Rosica has been with the Massachusetts-based company — a staple of Hollywood’s production community — since 2013. Nancy Hawthorne was elected as Avid’s Chairman of the Board.
“The Board is committed to the Company’s core values and to upholding an environment of the utmost respect and integrity,” said Hawthorne. “We remain confident in the strategy and the long-term business plan of the Company.”
6 Tech Giants Shaking Up News, From Jeff Bezos to Laurene Powell Jobs (Photos)
Tech leaders are increasingly intertwined with the news business. While some want to support old properties, one set out to destroy a new one. Here they are.
Jeff Bezos – Washington Post
The Amazon founder purchased the Washington Post in 2013 for $250 million in cash. President Trump has called the paper the “Amazon Washington Post.”
The Facebook co-founder purchased The New Republic in 2012, becoming executive chairman and publisher. However, he sold the venerable political magazine to Win McCormack in 2016, saying he "underestimated the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate."
The eBay founder is a well-known philanthropist who created First Look Media, a journalism venture behind The Intercept. Inspired by Edward Snowden's leaks. Omidyar teamed up with journalists Glenn Greenwald, Jeremy Scahill and Laura Poitras to launch the website “dedicated to the kind of reporting those disclosures required: fearless, adversarial journalism.”
The PayPal co-founder doesn’t own a news organization, but he makes this list because he essentially ended one -- Gawker -- proving once again the power of an angry billionaire. Thiel secretly bankrolled Hulk Hogan’s sex-tape lawsuit against Gawker Media because he was upset that the website once outed him as gay. Hogan won the defamation lawsuit against the site that sent its parent company into bankruptcy, and Gawker.com is no longer operating.
OK, so Facebook isn’t technically a news organization… yet. However, the company is preparing to launch its much-anticipated lineup of original content later this summer, and there are also signs that it's on the verge of becoming an even bigger media platform.
Campbell Brown, Head of News Partnerships at Facebook, confirmed last week it’s developing a subscription service for publishers willing to post articles directly to Facebook Instant Articles, rather than their native websites.
Tech is increasingly intertwined with news, for better or worse
Tech leaders are increasingly intertwined with the news business. While some want to support old properties, one set out to destroy a new one. Here they are.
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