Sumner Redstone Resigns As CBS Corp. Chairman, Leslie Moonves Named Chairman
February 3, 2016 at 1:30 PM (PT)
CBS CORPORATION has announced that SUMNER REDSTONE has resigned as Chairman of the company and will serve as Chairman Emeritus, with Pres./CEO LESLIE MOONVES moving up to add the Chairman title. REDSTONE's daughter SHARI remains Vice Chair of CBS.
The move comes as REDSTONE's competency to serve at the helm of CBS and VIACOM and the latter's CEO PHILIPPE DAUMAN's role in handling REDSTONE's affairs is being challenged in a lawsuit by his ex-girlfriend MANUELA HERZER.
“I am honored to accept the chairmanship of this great Company,” said MOONVES. “I want to thank SUMNER for his guidance and strong support over all these years. It has meant the world to me. I am particularly grateful that SHARI REDSTONE has agreed to continue in her role as Vice Chair of the Company. Her business acumen and knowledge of the media space remain very important to me as we move forward, and I greatly appreciate her support and invaluable counsel. I would also like to thank our excellent board of directors, who have contributed so significantly to our success. The people of CBS have achieved much together and I believe the best is yet to come.”
“I have been fortunate to work with LES and he has clearly established himself as a creative and effective leader who understands both the challenges and the opportunities that are shaping today’s media landscape,” said SHARI REDSTONE. “I am sure he will make a great Chair and I look forward to working with him for many years to come.”