Viacom Pres./CEO Freston Exits
September 5, 2006 at 6:12 AM (PT)
VIACOM Pres./CEO TOM FRESTON has resigned his post. VIACOM board member and DND CAPITAL PARTNERS, LLC co-chair/co-CEO PHILIPPE DAUMAN has been named to replace FRESTON at the helm of the company, which owns MTV NETWORKS, PARAMOUNT PICTURES, and some of the other spinoffs of the "old VIACOM" DAUMAN's partner at DND CAPITAL, co-chair/co-CEO THOMAS E. DOOLEY, has been appointed Senior EVP and Chief Administrative Officer.
In a press release, FRESTON said that "I've spent over 26 years at VIACOM, 18 of them with (Chairman) SUMNER (REDSTONE). With my exceptional colleagues, we built a worldwide powerhouse of brands and businesses, literally from scratch. I leave many good friends knowing that they have an unmatched track record, a great plan going forward and incredible abilities to execute on it in this digital age. I have worked closely with PHILIPPE DAUMAN and TOM DOOLEY over the years and have the highest respect for their abilities. I have every confidence that Viacom is well positioned to prosper under Philippe's leadership. I will do all I can to insure a smooth transition. I particularly want to thank my colleagues from all over the company who have been inspiring to work with and have been so instrumental in the great success we've had."