Viacom Announces Departure of Philippe Dauman, Appointment of Tom Dooley

Viacom has ousted Philippe Dauman as its CEO and appointed Thomas Dooley as interim president and CEO in his place, the company announced on Saturday.

In a news release, Viacom said Dauman will resign immediately as President and Chief Executive Officer of Viacom and will be succeeded by Thomas Dooley, who will serve as Interim President and CEO through September 30, 2016, the end of Viacom’s fiscal year, by which time the Board, working with Mr. Dooley, will make a decision on succession plans.

Under the terms of the settlement, all lawsuits among them will be terminated, and Viacom will create an expanded Board of Directors to include the five Viacom directors elected in June by NAI.

Viacom’s board approved an agreement that ended a multi-pronged legal battle with the company’s founder, Sumner Redstone, and his daughter Shari Redstone.

Earlier this month, NAI issued a press release saying, “Mr. Dauman is the third highest paid CEO in the United States and among the worst as measured by pay for performance,” it continued.

Including his pre‐negotiated ‘golden parachute,’ he stands to receive almost a half billion dollars for a tenure that has seen the marked decline of one of the nation’s greatest media companies.