Viacom Appoints Its CEO Philippe Dauman As Executive Chairman

(RTTNews) - Viacom Inc. (VIAB, VIA) announced that it has appointed Sumner Redstone to the newly created position of Chairman Emeritus. The Board also elected Viacom CEO and President Philippe Dauman Executive Chairman, succeeding Redstone in that role.

The board has also extended an offer to Viacom's Non-Executive Vice Chair, Shari Redstone, to become Non-Executive Chairman. Ms. Redstone declined the offer and will continue in her role as Non-Executive Vice Chair, said William Schwartz, Of Counsel to the law firm of Cadwalader, Wickersham & Taft and Chairman of the Governance and Nominating Committee of Viacom's Board of Director.

Philippe Dauman was named President and Chief Executive Officer of Viacom Inc. in September 2006 and has served on the Company's Board of Directors since 1987. Previously, Mr. Dauman was Co-Chairman and Chief Executive Officer of DND Capital Partners, L.L.C., a private equity firm specializing in media and telecommunications investments, from May 2000 until September 2006. Prior to co-founding DND Capital Partners, Mr. Dauman served in several positions at Viacom, including as a Deputy Chairman and Executive Vice President of Viacom Inc. Mr. Dauman is a director of National Amusements, Inc. and LafargeHolcim.