Viacom CEO Removed as Redstone Healthcare Agent
April 07 2016 - 04:38PM
Dow Jones News
By Keach Hagey
Viacom Inc. Chief Executive Philippe Dauman has been alerted
that he has been replaced as Sumner Redstone's healthcare agent by
Mr. Redstone's daughter, Shari, according to people familiar with
the matter.
Earlier this week Mr. Dauman was alerted verbally of the change,
which puts Ms. Redstone in charge of her father's health care
decisions in the event he should become incapacitated, some of the
people said.
The change was first reported by Bloomberg.
The move was made as lawyers for Mr. Redstone, the 92-year-old
controlling shareholder of Viacom and CBS Corp. are weighing a
settlement of a legal dispute with the mogul's former companion,
Manuela Herzer. Ms. Herzer filed a lawsuit challenging the mogul's
mental competency when he removed her as his healthcare agent last
October. A trial was scheduled for May.
The Wall Street Journal reported those settlement talks earlier
this week. A draft proposal is currently circulating among the
lawyers, according to the people familiar with the matter, and is
likely to go in front of a judge early next week.
Among topics included in the settlement talks were who would be
Mr. Redstone's healthcare agent, reforms to his daily healthcare,
and a payment for Ms. Herzer, the people said, though the
healthcare agent change is spelled out in a separate agreement from
the rest of the settlement.
Under the draft proposal currently circulating, Mr. Redstone's
day-to-day healthcare scheduling will be taken over by a
professional healthcare management company, the people familiar
with the matter said.
When Mr. Redstone, whose health has declined substantially over
the past several years, dies or is deemed incapacitated, his nearly
80% voting stakes in Viacom and CBS will be transferred to a trust
managed by seven trustees, including Ms. Redstone and Mr.
Dauman.
Write to Keach Hagey at keach.hagey@wsj.com
(END) Dow Jones Newswires
April 07, 2016 16:23 ET (20:23 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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