Sumner Redstone's plan to change five board members at Viacom, Inc. (NASDAQ: VIAB) has been put on hold by the Delaware Court. Until the mental competency of 93-year-old Redstone is determined, any decisions regarding the makeup of the board will be postponed, according to a Wall Street Journal report.
After the National Amusement Inc, Viacom's controlling holding company, asked the court to affirm its decision to oust the board members, Frederic V. Salerno, lead independent director of the company, filed a lawsuit to invalidate the request. Among members to be replaced are Philippe Dauman, the chairman and CEO, and Salerno himself.
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The court decided to postpone the request until another case in Massachusetts concerning Redstone's competency enters discovery phase, stating that these two cases have to be merged.
Both sides of this conflict supported the view to keep the status quo during the legal process, meaning that the current board members will continue to run the company. However, they will not be permitted to make decisions out of the ordinary course of business.
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