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CBS names Moonves to replaces Redstone as Executive Chairman

Feb. 03, 2016 4:37 PM ETParamount Global (PARA) StockBy: Carl Surran, SA News Editor4 Comments
  • CBS says Chairman Sumner Redstone has resigned and is named chairman emeritus, and the company has approved President and CEO Leslie Moonves as his successor.
  • CBS says it offered the chairman's position to Redstone's daughter, Shari, but she turned down the job "in light of her other professional and personal responsibilities, and in recognition of her confidence in Mr. Moonves."
  • The 92-year-old Redstone's health has been the subject of recent debate, and has faced questions about whether he is still mentally competent enough to run CBS and Viacom (VIA, VIAB), where he remains chairman.
  • CBS +3.5% AH.

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