- As with CBS (CBS +0.9%) yesterday, Sumner Redstone will leave his post as executive chairman at Viacom (VIA, VIAB) and become chairman emeritus. Viacom announced the move after a morning board meeting.
- CEO Philippe Dauman will succeed Redstone as executive chairman, though the decision wasn't unanimous: Shari Redstone, Sumner's daughter, didn't vote in favor.
- Yesterday, CBS said Redstone had resigned his post there and was replaced as executive chairman by chief Les Moonves. Shari had been entitled under the Redstone family trust to become chairman of both CBS and Viacom after Sumner's departure of those posts, but a deal enabled Moonves to chair CBS instead; she had no similar deal with Dauman.
- As with CBS, Shari was offered a spot as non-executive chairman at Viacom but declined that post.
- Currently: VIA +0.1%; VIAB +0.5%.
- Previously: CBS names Moonves to replaces Redstone as Executive Chairman (Feb. 03 2016)