Thursday, February 04, 2016

Sumner Steps Down

This was a long-time coming. From the Daily News...

With questions about his physical and mental health swirling, aging billionaire Sumner Redstone has resigned as executive chairman of CBS Corp. and will be replaced by Leslie Moonves. Moonves was nominated by Redstone's daughter and CBS Vice Chair Shari E. Redstone and confirmed by a unanimous vote of the other directors, the company said Wednesday. The new chairman will continue to serve as president and CEO of CBS, positions he has held since 2006. Redstone's resignation was effective Feb. 2, and he will move on to the position of chairman emeritus at CBS, the company said.

He remains the chief executive at Viacom, with Philippe Dauman as his CEO.

Interesting, eh? His own daughter forced him out at CBS, but his "guardian" is letting him stay at Viacom. No need to remove him there. Dauman can already (legally) do whatever he wants.