Business

Viacom boss Philippe Dauman resigns following $72m settlement

Sumner Redstone and Philippe Dauman are understood to have reached an exit agreement

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Viacom’s controlling shareholder Sumner Redstone (L) and Philippe Dauman (R) are understood to have reached an exit settlement

The chief govt officer of Viacom, Philippe Dauman, has resigned after a fraught, familial battle for management of the US media large.

Thomas Dooley, his longtime right-hand man as the corporate’s chief working officer, replaces him briefly.

Mr Dauman additionally stood down as president, below a settlement that features a $72m (£55m) payoff. He stays non-executive chairman till 13 September.

He is because of current a plan to promote a small stake in Paramount Footage.

The settlement follows a battle between Mr Dauman and Viacom’s controlling shareholder, Sumner Redstone.

Till not too long ago Mr Dauman, 62, was a detailed confidant to the 93-year-old Mr Redstone and had labored for him for 30 years.

Nevertheless, in Might Mr Redstone eliminated him and one other board member, George Abrams, from Nationwide Amusements – an organization that controls Mr Redstone’s main shareholdings in each Viacom in addition to CBS, the US tv community.

On the time Mr Redstone mentioned he had been sad with Mr Dauman’s Paramount plan.

Mr Dauman and Mr Abrams mentioned Mr Redstone’s daughter Shari Redstone had performed a task of their removing. They mentioned she was manipulating her father and filed a lawsuit alleging that Mr Redstone was unfit to make the choice.

Ms Redstone known as the accusation “absurd”.

Viacom can even appoint 5 new board members, prompt by Nationwide Amusements, who will assist discover a new chief govt.

Mr Dooley will act as CEO till 30 September, the top of Viacom’s fiscal 12 months, by which period the board is anticipated to make its resolution.

Shares in Viacom closed up 1.eight% at $48.70.