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Report: Viacom Looking To Replace Its CEO And Entire Board

Report: Viacom Looking To Replace Its CEO And Entire Board

A new CEO change may be coming to Viacom, Inc. (NASDAQ: VIAB), according to the New York Post.

Sumner Redstone, the ailing 92-year whose family controls 80 percent of Viacom's Class A voting shares, recently removed the company's CEO Philippe Dauman and George Abrams, a Viacom board member, from his family's trust.

Related Link: Redstone, Herzer Legal Drama: Where Is It Heading?

Dauman and Abrams were also removed from the directorship of National Amusements, the entity that also controls CBS Corporation (NYSE: CBS).

Dauman and the entire board of directors are now bracing for the possibility that they will all lose their jobs and title, the New York Post stated.

"The Street is [assuming] that he [Dauman] will be gone," a Viacom investor told the publication while explaining the stock is on the rise, because it is widely believed Dauman will exit.

Viacom Chief Operating Officer Tom Dooley could be named as interim CEO, the report added.

Posted-In: George Abrams National Amusements New York Post philippe dauman Sumner RedstoneNews Rumors Management Best of Benzinga


Related Articles (CBS + VIAB)

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