Viacom CEO and President Philippe Dauman has been named the executive chairman of Viacom in a move that sees Sumner Redstone become chairman emeritus of the global media giant.
The decision by the board of directors was not unanimous. Shari Redstone, Sumner’s daughter, had made clear her opposition to the appointment and voted against.
“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, Of Counsel to the law firm of Cadwalader, Wickersham & Taft and Chairman of the Governance and Nominating Committee of Viacom’s Board of Directors.
Dauman was named President and Chief Executive Officer of Viacom Inc. in September 2006 and has served on the Company’s Board of Directors since 1987.
“I am honored to succeed my friend and long-time colleague Sumner in the role of Executive Chairman,” said Dauman. “His steadfast belief in our company and the power of entertainment will always be an inspiration for me and I look forward to carrying forward his leadership role as a champion for all shareholders.”
92 year-old Sumner Redstone still holds close to 80% of voting stock in Viacom and CBS through National Amusements, the cinema chain founded by his father.
The remaining 20% is held by Shari Redstone, who in recent years has had a difficult relationship with her father, and has previously refused an offer to sell her stake back to the company.
