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Viacom CEO Philippe Dauman elected chairman as Sumner Redstone steps down
(Larry Busacca/Getty Images)
Amid opposition, Philippe Dauman has been elected chairman of Viacom, Inc., replacing Sumner Redstone, according to a release on Thursday.
Dauman has been the Chief Executive Officer and President of Viacom, Inc. since September 5, 2006.
Redstone, 92 and in declining health, will assume a chairman emeritus position with the board.
"Philippe has been instrumental with Sumner in every aspect of Viacom's success for nearly 30 years and most recently as CEO has taken on the tough task of navigating our future in a time of unprecedented innovation and disruption," said William Schwartz, Chairman of the Governance and Nominating Committee of Viacom's Board of Directors.
"He has laid out a strategic long-term vision for the company that we fully endorse," Schwartz continued. "We have complete confidence that his dedication to Viacom, his global experience, and his determination to further our culture of creativity and innovation will continue to serve the interests of all shareholders and build long-term value."
On Wednesday, following the election of Les Moonves to CBS Corp. chairman, Shari Redstone, Sumner's daughter and vice chairman of Viacom, suggested the board go with someone more independent than Dauman.
(Thomson Reuters)
Sumner Redstone arrives at premiere of "The Guilt Trip" starring Barbra Streisand and Seth Rogen in Los Angeles.
“It is my firm belief that whomever may succeed my father as Chair at each company should be someone who is not a Trustee of my father’s trust or otherwise intertwined in Redstone family matters, but rather a leader with an independent voice,” Shari Redstone said.
Les Moonves, the CBS Corporation's CEO who was elected chairman on Wednesday, was considered the top candidate for the Viacom chair, as well.
As reports of a change at the top of Viacom broke on Wednesday, its stocks dramatically rose.
Viacom has been under the spotlight from analysts and its own investors for poor executive management. With brands like MTV, VH1, BET, and Nickelodeon under its umbrella, the media company has had a ratings and a brand decline as the top entertainment destination for youth and pop culture.
On the movie side, Paramount films haven't been seen as competitive with those of other major studios.
Although Redstone's health and capability of serving in the dual Viacom and CBS roles have been under suspicion for years, a recent court case has shed light on the matter. The media mogul’s former girlfriend Manuela Herzer is suing in LA court to be reinstated as his health-care agent. While corporate reps have assured the public that Redstone is in full control of his faculties, Herzer alleges he's "a living ghost" and can't even sign his name.
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