Viacom said it has elected CEO Philippe Dauman as executive chairman of the company, succeeding Sumner Redstone, who becomes chairman emeritus.
Redstone on Wednesday stepped down as chairman of CBS, succeeded by CEO Les Moonves.
The moves are a step toward succession at the media companies controlled by Redstone, who at 92 is in poor health and being questioned about his ability to make healthcare and financial decisions.
Viacom's board offered the chair's post to Redstone's daughter Shari Redstone, but she turned it down and will continue as non-executive vice chair.
On Wednesday, Shari Redstone said she supported the election of Moonves as chairman of CBS, but wanted a more independent chairman at Viacom.
Viacom has been performing poorly as its cable networks have suffered from the defection of young viewers from traditional TV to digital entertainment options. Its stock has also suffered, falling more than 40% last year.
Read more at broadcastingcable.com.
The smarter way to stay on top of the multichannel video marketplace. Sign up below.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
Thank you for signing up to Multichannel News. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.