Redstone Resigns as CBS Executive Chairman--Update
February 03 2016 - 4:57PM
Dow Jones News
By Joe Flint and Josh Beckerman
Sumner Redstone is stepping down as executive chairman of CBS
Corp. and will be succeeded as chairman by President and Chief
Executive Leslie Moonves, the company said Wednesday.
The move comes amid concerns about the health of Mr. Redstone,
92 years old, and his capacity to continue steering his media
empire. He owns a nearly 80% voting stake in CBS and Viacom
Inc.
Mr. Redstone, who has served as executive chairman of CBS, was
named chairman emeritus, the company said.
Mr. Moonves was nominated to succeed Mr. Redstone by the mogul's
daughter, Shari Redstone, who is vice chair of CBS. CBS said
Wednesday it had offered the position of nonexecutive chair to Ms.
Redstone, but she declined.
In a statement, Ms. Redstone said Mr. Moonves has "clearly
established himself as a creative and effective leader who
understands both the challenges and the opportunities that are
shaping today's media landscape."
The move comes as Mr. Redstone deals with a court case
challenging his mental competence. The lawsuit was brought in
November by Manuela Herzer, a longtime companion of Mr. Redstone's
who was thrown out of his Los Angeles mansion in October.
The suit claims Mr. Redstone lacked the mental capacity to
decide on Oct. 16 to remove her as his health-care agent in the
event that he lacks ability to make his own medical decisions, and
replace her with Viacom Inc. Chief Executive Philippe Dauman.
Mr. Redstone remains the executive chairman of Viacom.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 03, 2016 16:42 ET (21:42 GMT)
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