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.”