Viacom has named Phillippe Dauman as executive chairman, replacing Sumner Redstone, 92, who has become Chairman Emeritus — the same role he has at CBS following Leslie Moonves elevation to chairman and CEO earlier this week.
Redstone endorsed the decision; his daughter, Shari , was the only member of the board to vote “no.” The board offered her the job of non-executive chair, which she declined. She’ll remain non-executive vice chairman.
“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,” the board’s Governance and Nominating Committee Chairman William Schwartz says.
Dauman said that Redstone’s “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.”