Viacom chief executive Philippe Dauman is to succeed veteran media mogul Sumner Redstone as the broadcaster’s executive chairman, with Redstone becoming chairman emeritus.
The Wall Street Journal reported that the only objector to Dauman’s appointment at a board meeting, following Redstone’s resignation as executive chairman, was Redstone’s daughter and non-executive vice chairman, Shari Redstone.
Despite once being considered a potential successor, she did not seek the chairmanship for herself.
However, Redstone still could counter Dauman within the trust that takes control of her father’s voting stakes in Viacom and CBS Corp, if he was to become incapacitated or pass away.
Ms Redstone was offered the position of non-executive chairman, but declined.
“I am honoured to succeed my friend and long-time colleague Sumner in the role of executive chairman,” said Dauman, who was appointed to his presidential position in 2006.
“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.
“I am gratified by the continued confidence and support of the Board of Directors and all of my colleagues at Viacom whose creativity and unrelenting hard work is evident in our recent successes across the company.”
“Sumner Redstone’s contributions to Viacom and the media industry are legendary,” said chairman of the governance and nominating committee of Viacom’s board of directors, William Schwartz.
“On behalf of the Viacom board, his colleagues and all our shareholders, we want to thank Sumner for his vision and leadership. There is no one who loves this company more and we will continue to be inspired by his wisdom in the years to come.”
“In choosing a successor to Sumner,” Schwartz added, “the board considered the need for seasoned leadership in this time of unprecedented change, Philippe’s business experience and unparalleled knowledge of Viacom, and his long-term vision for the company. We believe his becoming executive chairman is in the best interests of the company and all shareholders.”