Following unanimous approval by the Boards of Directors of Viacom and National Amusements Inc. of a settlement in the ongoing dispute over Viacom leadership, Philippe Dauman has stepped down as president and CEO of Viacom.
Thomas Dooley, Viacom Chief Operating Officer since 2010 and a 36-year company veteran, has been named interim president and CEO, and will serve in this position through the end of September. Sumner Redstone will remain Chairman Emeritus, and Shari Redstone will remain Non-Executive Vice Chair.
Dauman will continue to serve as Non-Executive Chairman through September 13. At that time, the Board will choose a new Chairman, with the final decision on Dauman’s successor to be in place by the end of Dooley’s term as interim head of the company.
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The settlement, which resolves all disputes between NAI, members of the Redstone family, and related parties, will see all ongoing lawsuits terminated, and the creation of an expanded Viacom Board of Directors that, following Dauman’s departure, will consist of 15 members. The expanded board will include the five independent Directors elected to the board by NAI in June: Kenneth Lerer, Thomas May, Judith McHale, Ron Nelson and Nicole Seligman.
Seligman will serve as head the Governance and Nominating Committee, Nelson will head the Audit Committee, and McHale will lead the Compensation Committee. The five new Viacom Board directors will comprise a majority of each committee.
While serving as Non-Executive Chairman, Dauman will be allowed to submit a proposal for approval by the Viacom Board on the previously-announced potential sale of a minority equity stake in Viacom-owned Paramount Pictures. Unanimous agreement by the Board will be required for approval of any such proposal.
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