Sumner Redstone Out as Viacom Chairman
February 04 2016 - 12:01PM
Dow Jones News
By Keach Hagey
Viacom Inc. said Thursday that Chief Executive Philippe Dauman
will succeed media mogul Sumner Redstone as the company's next
executive chairman.
The decision, announced after a morning board meeting at Viacom,
follows news on Wednesday that Mr. Redstone resigned from the same
post at CBS Corp. and was replaced by CBS CEO Leslie Moonves.
Mr. Redstone, 92 years old, continues to control Viacom and CBS
through nearly 80% voting stakes. He will take on the new role of
chairman emeritus at both companies.
Mr. Dauman is a longtime confidante of Mr. Redstone who has
served as CEO since 2006. His elevation to the chairman position
wasn't a foregone conclusion. Viacom, owner of cable networks like
MTV and Comedy Central and Paramount film studio, has faced
headwinds in its cable business and suffered a one-third drop in
its stock price over the past year.
Some investors had expressed displeasure with Mr. Dauman's
leadership and have been pushing for change.
"In choosing a successor to Sumner, the board considered the
need for seasoned leadership in this time of unprecedented change,
Philippe's business experience and unparalleled knowledge of
Viacom, and his long-term vision for the company," said Viacom
board member William Schwartz. "We believe his becoming executive
chairman is in the best interests of the company and all
shareholders."
Write to Keach Hagey at keach.hagey@wsj.com
(END) Dow Jones Newswires
February 04, 2016 11:46 ET (16:46 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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