Blog Post

Breaking News: Freston Out As Viacom CEO; Replaced By Board Member Dauman

Dauman.JPGIncreasingly under pressure to defend “new” Viacom’s sluggish stock performance since the split with CBS, Tom Freston has resigned — or was resigned — as Viacom president and CEO. To replace him, controlling shareholder and chairman Sumner Redstone has gone to familiar faces: the new president and CEO is Phillipe Dauman, a member of the Viacom board and co-chairman of private equity firm DND Capital Partners LLC. His co-chair and fellow board member Thomas Dooley will have the new position of senior EVP/chief administrative officer.
The choice of two PE execs to run the company might raise eyebrows but the two clearly are highly trusted by Redstone; they were deputy chairman from 1996-2000 and have held other major roles at the company.
The release is chock full of statements, none really saying anything. Take your pick. More to come.
Related: Earnings: Viacom 2Q06 Digital Revenues Up 58 Percent; Digital Ad Sales Rise 75 Percent
Breaking Up Was The Easy Part For Viacom and CBS; Making It Pay Is Another Story
Weekend Reading: Freston, Moonves Look Back, Forward As Viacom Split Nears