Sep
21
Viacom's Interim CEO to Leave
Posted in: Uncategorized
Viacom, reeling from a legal battle for control of the media giant, cut its quarterly dividend in half to preserve cash amid falling revenue and said its interim President-CEO since last month, Tom Dooley, has told the board that he will depart.
“While this was a difficult decision for me, I have great admiration for our new Board and I feel that they will be best able to execute on their vision for the Company in the hands of a new President and CEO,” Mr. Dooley said in a statement.
Mr. Dooley will continue through Nov. 15, which will “allow the board to conduct an orderly succession process,” Tom May, Viacom’s chairman, said in a statement Wednesday.
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