Avid CEO Jeff Rosica revealed his plans to take an early retirement from the tech developer during the first half of 2024, during a quarterly company meeting on Thursday, just days after Avid was acquired for $1.4 billion by an affiliate of private equity firm STG.
The maker of the Media Composer editing system and Pro Tools audio postproduction system, Avid is one of the most closely-watched tech providers in Hollywood’s postproduction community.
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“Leading such an iconic brand and solution provider to the entertainment industry has been a unique privilege and responsibility that I have enjoyed immensely and is the highlight of my career,” Rosica told The Hollywood Reporter via an email. “With the transition to a private company under STG’s new ownership, I felt this is the right time for me to transition and help select my successor to lead Avid during this next phase of its strategic growth plan.”
In an additional statement, Rosica said that he would continue as CEO for “a few more months” while helping to find Avid’s next CEO “in collaboration with STG, so we’ll have a smooth transition.”
A decades-long veteran of the media tech space, Rosica joined Avid as senior vp worldwide field operations in 2013. In 2016, he was appointed senior vp, chief sales and marketing officer and in December 2016, he was appointed president. He was named CEO in early 2018 after the termination of former CEO Louis Hernandez, Jr. (Avid cited “violations of company policies related to workplace conduct” as the reason for Hernandez’ dismissal.)
Avid was founded in 1987 with the introduction of the Media Composer. In 1994, it acquired Digidesign, the maker of Pro Tools. Both Media Composer and Pro Tools have been honored with Academy Awards of Merit (an Oscar statuette) by the Academy of Motion Picture Arts and Sciences. The company also develops tools for broadcasting, storage and asset management. In September, Avid introduced Ada, the company’s overall brand for its artificial intelligence-driven technology.
In announcing his plans, Rosica said in a statement, “We’re innovating faster than ever, building on a strong market position, and poised for even greater growth and success under STG—Symphony Technology Group’s ownership. It’s an exciting place to be today with tremendous opportunities ahead.”
Rosica added, “I’ve been incredibly fortunate to have the experience of being part of one of the legendary brands in media technology … One of the best parts has been getting to work with the amazing people that make up Team Avid and who make it so special, not to mention the terrific customers and partners who give us so much opportunity to help them reimagine this industry. A once in a lifetime privilege for sure!”
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