Business

Viacom boss Philippe Dauman resigns following $72m settlement

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

Picture copyright
Getty Photographs

Picture caption

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

The chief government 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, beneath 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 Photos.

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

Till just lately Mr Dauman, 62, was an in depth confidant to the 93-year-old Mr Redstone and had labored for him for 30 years.

Nonetheless, 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 stated he had been sad with Mr Dauman’s Paramount plan.

Mr Dauman and Mr Abrams stated Mr Redstone’s daughter Shari Redstone had performed a job of their removing. They stated 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 may also appoint 5 new board members, prompt by Nationwide Amusements, who will assist discover a new chief government.

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

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