Viacom Inc. Chief executive Philippe Dauman has agreed to step down efficient straight away and the company’s board will likely be elevated as part of a contract to end a drawn-out power battle at the media large.
In a memo to employees Friday night, Chief operating Officer Tom Dooley announced that he’ll assume the position of interim CEO thru September. The boards of Viacom by way of, +1.78% VIAB, +1.fifty two% and Sumner Redstone’s national Amusements Inc., which controls an 80% balloting stake within the media firm, have approved the settlement to settle their dispute, and the ultimate deal is predicted to be signed and announced shortly, Dooley wrote.
by Sept. 30, the tip of Viacom’s fiscal year, Dooley mentioned that he and the board can have decided on succession plans. Dauman, who has been CEO for nearly a decade, is slated to obtain an exit package deal valued at round $ 72 million and can remain as nonexecutive chairman except Sept. thirteen.
below terms of the deal, the 2 facets will cease litigation over keep an eye on of Viacom and national Amusements. Dooley proven that 5 administrators nominated by nationwide Amusements will join Viacom’s board.
An increased version of this file is on hand at WSJ.com.
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