Viacom Says CEO Dauman To Resign Post Immediately; Dooley Steps In
August 22, 2016
Viacom Inc. said on Saturday that Chief Executive Philippe Dauman will resign immediately, marking a victory for the family of controlling shareholder Sumner Redstone in the battle for the $40 billion media empire.
The settlement with Dauman also ends the legal fight between members of the Viacom board and Redstone’s National Amusements Inc, the privately held company that holds 80 percent of the voting shares of Viacom and CBS Corp.