Media company Viacom has confirmed that interim president and CEO Tom Dooley is stepping down. Dooley informed the Viacom board of his decision to depart the company as of Nov. 15.
Formerly Viacom’s COO, Dooley moved into the top exec role when, according to The Wall Street Journal, former CEO and chair Philippe Dauman stepped down in August following a legal battle against Sumner Redstone for control of the company, (Redstone controls an 80% voting stake in the media company through his privately-owned theatre company National Amusements Inc, the other 20% is held by his daughter Shari Redstone) which is parent company to such television networks as MTV, Spike, VH1, CMT, Logo and Nickelodeon as well as film companies including Paramount Pictures. As part of the deal that ultimately led to Dauman’s departure, five directors nominated by Redstone’s theatre company National Amusements Inc. joined Viacom’s board, including current chair Tom May.
“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. I am certain that the board will make the most of the company’s extraordinary potential. I want to thank Sumner, Shari and the members of the board for the opportunities they have provided me. I look forward to working with them to deliver Viacom into the hands of new leadership in excellent shape and poised for a remarkable future,” said Dooley (pictured) in a statement.
The Viacom board has also announced that the company would be ending the process of seeking a minority investor in Paramount Pictures in order to “consider all options available to the company”, as well as reducing its dividend payout to preserve capital.