Long time industry veteran Jeff Rosica, who has been part of the leadership of Avid for more than a decade and CEO for nearly six years, announced his retirement yesterday, days after the announcement that STG Symphony Technology Group closed its acquisition of the company, which it bought for $1.4 billion in August, taking the company private.
Rosica has a long history within the broadcast technology market, having led Grass Valley through numerous ownership transitions until moving to Avid in 2013. He was appointed president in 2016 and CEO in 2018, succeeding Louis Hernandez Jr.
Rosica shared his news on Linkedin yesterday:
"I want to let my network in on something that I shared with the Avid team during our quarterly all-hands company meeting earlier today—and that is the news of my personal decision that I’m planning to take an early retirement from Avid in the first half of 2024.
"With all the transformational progress and good momentum that we’ve created together, I believe that now is clearly the optimal time for me to prepare for this move and transition at Avid. 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, and I believe it’s the right time for a new CEO to lead the next phase of the company’s journey.
"I’ve been incredibly fortunate to have the experience of being part of one of the legendary brands in media technology—and being the CEO for almost 6 years now is an honor and clearly the pinnacle of my career. 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!
"All that said, I’m not going anywhere too soon. I’ll be continuing as CEO for a few more months and helping to recruit my replacement in collaboration with STG, so we’ll have a smooth transition and stay right on course to help all our customers—and continue to execute Avid’s strategic plan. Until then, I hope to see many of you out on the road real soon!"
