Sumner Redstone will step down from the Viacom board of directors in February, but will retain the title of chairman emeritus, the company announced Friday.
The news came as part of a federal proxy filing by the company, which stated that after the board’s Feb. 9 meeting, the 93-year-old Redstone “will continue to participate in meetings of the board in a non-voting role.” His daughter, Shari, will remain on the board.
The Redstones’ company, National Amusements, controls roughly 80 percent of the voting stock of Viacom and CBS Corp. Redstone stepped down as chairman of both companies earlier this year. He still retains a vote on the CBS board.
Redstone resigned as executive chairman of CBS Corp. in February, and Leslie Moonves was elected to succeed him. Moonves had been president and CEO of CBS Corp. since 2006, when the company split from Viacom.
The management of Viacom has been much more dramatic. In June, Redstone ousted Viacom Chairman/CEO Philippe Dauman and four other board members — in the aftermath of a legal battle spearheaded by Dauman challenging the aging Redstone’s ability to lead the company.
Viacom oversees Paramount Pictures, Nickelodeon, Comedy Central and MTV.
—City News Service