Viacom Names Frederic V. Salerno Lead Independent Director, Extends COO Thomas Dooley's Contract
March 17, 2016 at 11:08 AM (PT)
VIACOM has announced the addition of a new Lead Independent Director, former VERIZON CFO FREDERIC V. SALERNO, to serve as a liaison between the top officers of the company and independent directors, and has also extended Senior EVP/COO THOMAS DOOLEY's contract through DECEMBER 31st, 2018.
On SALERNO's appointment by the embattled company as it goes through turmoil surrounding the issue of succession as SUMNER REDSTONE's capacity is debated in court, Executive Chairman/Pres./CEO PHILIPPE DAUMAN said, "FRED has been a strong leader as a member of our board and his judgment, broad perspective and experience will serve him and the board well as he undertakes his new role as Lead Independent Director. I am committed to strong governance practices that are thoughtful, focused and proactive, particularly in this time of transition for the company. I am delighted that FRED has agreed to take on this important new role that will help maintain a sharp focus on the interests of our entire shareholder base.”
SALERNO said, “I am honored to have been selected by the independent members of the board as Lead Independent Director, and I look forward to greater involvement in representing VIACOM’s shareholders. PHILIPPE has set out a clear vision for VIACOM that is focused on its unique strengths and global ambitions. I believe that we are poised for tremendous accomplishments and that VIACOM’s management team will deliver even greater value in the years ahead.”
On DOOLEY's extension, DAUMAN said, “TOM is an outstanding executive with a history of remarkable accomplishment at VIACOM. He has done an excellent job in helping to reorient VIACOM’s operations to succeed in the changing media environment, spearheading the creation of the industry’s best-in-class data-focused advertising products, and driving effectiveness and efficiency throughout the company. His continued leadership by my side will be a key factor in VIACOM’s success in the years ahead.”