The board of directors for Viacom has elected CEO Philippe Dauman as chairman of the mass media company.
Dauman succeeds Sumner Redstone; the 92-year-old stepped down as chairman of CBS, we reported.
Board member William Schwartz credited Dauman working with Redstone for nearly 30 years on all aspects of Viacom’s success, including taking on “the tough task of navigating our future in a time of unprecedented innovation and disruption,” he said in a statement.
He also credits Dauman with layout a strategic vision for the company that the board endorses.
The Los Angeles Times reports Redstone’s daughter Shari Redstone was offered the job but she declined; he father remains a Viacom board member.
Shari Redstone stated she preferred the job go to someone who’s not “entwined in Redstone family matters.”
The change comes at a difficult time for Viacom, amid viewer migration to digital entertainment. The company’s stock value has dropped some 40% in the past two years.
The Redstone family controls nearly 80% of the voting stock of Viacom and CBS Corp. In addition, Dauman and Shari Redstone are two of the seven members of a trust that will oversee the family’s stock holdings in Viacom and CBS, reports The Times.