Sumner Redstone has stepped down as the chairman of CBS Corporation and will be replaced by CEO Les Moonves.
The change comes as Redstone’s girlfriend has questioned his mental health status and the 92-year-old was due to have an exam last week, we reported.
Redstone submitted his resignation effective Tuesday and is now chairman emeritus, the company said in a statement.
The action, announced by CBS Wednesday, also ends years of speculation by Wall Street analysts and investors about the succession plan for the broadcast owner as well as Viacom, of which Redstone is also chair.
Redstone’s daughter Shari remains vice chairman. Redstone’s family trust had a provision to make Shari Redstone the CBS chairman upon his death, however Shari had a deal with Moonves that had him taking the role instead, Bloomberg reported.
Moonves joined CBS in 1995 as president of CBS Entertainment; he’s been president and CEO of CBS Corporation since 2006, when the company was split from Viacom.
The company announced Moonves will remain president and CEO in addition to his new role.