On Sunday, Avid’s board of directors voted “to terminate the employment of Louis Hernandez Jr., chief executive officer, effective immediately, due to violations … of the company’s policies related to workplace conduct,” according to a filing with securities regulators. Avid President Jeff Rosica has been named CEO.
Upbeat reports by Belden, EVS, Avid and other tech vendors in the second quarter cheered investors and may mark a turnaround in a market that had been struggling to keep pace with powerful technology trends like the move toward IP and the shifting demands of their TV customers. In addition, many feel the market may also get a boost from deployment of 4K and other advanced picture formats and new customers in the market.
To implement its “complete solutions” approach, the newly reorganized Grass Valley is now looking to partner with other vendors with complementary technology or possibly buy them, says the company’s new CMO Graham Sharp. “You may see some acquisitions over the coming six months,” he says.
The equipment supplier’s chief marketing officer is leaving and four executives will share sales and marketing duties going forward.
The equipment supplier new owners want to quell any uncertainty about its future and unveil a number of new products and improvements, including the its new Stratus media flow application suite, which helps users deal with the hassles of multiplatform content delivery.
The new president and CEO of the broadcast equipment vendor is an operating partner of Francisco Partners, the private equity firm that bought Grass Valley from Technicolor last month for $80 million and other considerations. Jeff Rosica will stay on as EVP and chief sales and marketing officer.
Technicolor completes the sale of the TV production tech firm to Francisco Partners for an $80 million, six-year promissory note. Jeff Rosica remains in charge.