Viacom CEO Tom Freston Resigns

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Viacom Says Freston Resigns, Names Dauman New CEO

• Summary: Viacom (VIA) announced this morning that Tom Freston resigned as CEO, and appointed Philippe Dauman as president and CEO in his place. Freston's high points at Viacom included running the 'I want my MTV' marketing campaign in the early 80,running MTV Networks and pulling Nickelodeon to the top of the cable TV pack. Dauman will report to Sumner Redstone, viacom's Executive chairman and founder. Redstone said regarding Freston's departure: 'I have great respect for Tom Freston and want to personally thank him for his tremendous contributions to Viacom over the past 20 years. Tom successfully built MTV Networks into an unmatched force in the entertainment industry and assembled a best-in-class operational team to build on that foundation.' Viacom also named Thomas E. Dooley, 49, to the new position of senior executive vice president and chief administrative officer.
• Comment on related stocks/ETFs: No direct reason has been provided for Freston's departure, and the shakeup may pressure the stock today. Freston recently discussed MTV's acquisitions and the digital landscape -- see the company's 2Q06 earnings conference call transcript.