Sumner M. Redstone Named Chairman Emeritus of Viacom Inc.
President and CEO Philippe Dauman Elected Executive Chairman
NEW YORK--(BUSINESS WIRE)--
The Board of Directors of Viacom Inc. (NASDAQ: VIAB, VIA) today
announced that it has appointed Sumner M. Redstone to the newly created
position of Chairman Emeritus. The Board also elected Viacom CEO and
President Philippe Dauman Executive Chairman, succeeding Mr. Redstone in
"Sumner Redstone's contributions to Viacom and the media industry are
legendary," said William Schwartz, Of Counsel to the law firm of
Cadwalader, Wickersham & Taft and Chairman of the Governance and
Nominating Committee of Viacom's Board of Directors. "He has
successfully led Viacom with a dedication to building a global business
for the benefit of all shareholders. 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."
"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. He has laid out a strategic long-term vision
for the company that we fully endorse. We have complete confidence that
his dedication to Viacom, his global experience and his determination to
further our culture of creativity and innovation will continue to serve
the interests of all shareholders and build long-term value."
"In choosing a successor to Sumner," Mr. 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."
Mr. Schwartz added that the board has also extended an offer to Viacom's
Non-Executive Vice Chair, Shari Redstone, to become Non-Executive
Chairman. Ms. Redstone declined the offer and will continue in her role
as Non-Executive Vice Chair.
Mr. Dauman said, "I am honored to succeed my friend and long-time
colleague Sumner in the role of Executive Chairman. 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."
Philippe Dauman was named President and Chief Executive Officer of
Viacom Inc. in September 2006 and has served on the Company's Board of
Directors since 1987. Previously, Mr. Dauman was Co-Chairman and Chief
Executive Officer of DND Capital Partners, L.L.C., a private equity firm
specializing in media and telecommunications investments, from May 2000
until September 2006. Prior to co-founding DND Capital Partners, Mr.
Dauman served in several positions at Viacom, including as a Deputy
Chairman and Executive Vice President of Viacom Inc. Mr. Dauman is a
director of National Amusements, Inc. and LafargeHolcim, a world leader
in building materials.
Viacom is home to premier global media brands that create compelling
television programs, motion pictures, short-form content, apps, games,
consumer products, social media experiences, and other entertainment
content for audiences in 180 countries. Viacom's media networks,
including Nickelodeon, Comedy Central, MTV, VH1, Spike, BET, CMT, TV
Land, Nick at Nite, Nick Jr., Channel 5 (UK), Logo, Nicktoons, TeenNick
and Paramount Channel, reach over 3.5 billion cumulative television
subscribers worldwide. Paramount Pictures is a major global producer and
distributor of filmed entertainment.
For more information about Viacom and its businesses, visit www.viacom.com.
Viacom may also use social media channels to communicate with its
investors and the public about the company, its brands and other
matters, and those communications could be deemed to be material
information. Investors and others are encouraged to review posts on
Viacom's company blog (blog.viacom.com),
Twitter feed (twitter.com/viacom)
and Facebook page (facebook.com/viacom).
View source version on businesswire.com: http://www.businesswire.com/news/home/20160204006083/en/
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Source: Viacom Inc.
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