Sumner Redstone steps down at Viacom, too
February 4, 2016

As soon as CBS pushed Sumner Redstone to chairman emeritus, there was little question Viacom would have to do the same.
It didn’t wait long. Less than 24 hours after CBS’s announcement that Les Moonves was taking over for Redstone as chairman of CBS, Viacom has announced Philippe Dauman will become executive chairman of Viacom.
He becomes chairman emeritus, giving him a titular role in the company but removing him from any actual decision-making.
The move comes following increasing questions about the health of the 92-year-old Redstone, whose family has ruled CBS and Viacom for decades, the latter through their controlling share in National Amusements.
But keeping the mogul in his leadership position, even when everyone knows chief executive officer Dauman was in charge, became a liability.
Redstone’s ex-girlfriend filed a lawsuit last year claiming that his medical decisions had been taken over by Dauman and others at Viacom who did not have his best interests at heart.
Shareholders grew concerned about a succession plan, with Shari Redstone, Sumner’s daughter, rumored to be at odds with Dauman on certain issues. Shari was offered the position of non-executive chairman of Viacom, but the company said she turned it down and will continue as non-executive vice chair.
Dauman has worked for Viacom for nearly three decades.
Tags: cbs, Philippe Dauman, redstone, redstone viacom, Sumner Redstone, viacom, viacom redstone
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