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Moonves Named CBS Corp. Executive Chairman
RADIO ONLINE | Wednesday, February 3, 2016 |
CBS Corp., parent of CBS Radio, announced on Wednesday that 92-year-old Sumner M. Redstone had resigned as Executive Chairman, reports The New York Times. Current CEO Leslie Moonves (pictured) assumes the role of chairman. Redstone, whose resignation became effective on February 2, is appointed chairman emeritus. Redstone controls about 80 percent of the voting stock in the CBS and Viacom, where he remains Executive Chairman.
Redstone sent a letter Tuesday to Moonves and CBS directors announcing his resignation. The board met Wednesday and first offered the Chairman position to Redstone's daughter, Shari. Redstone, who is Vice Chairwoman of CBS and Viacom, declined and nominated Moonves for chairman. The board voted unanimously to make the move.
"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 Redstone in a statement. "I am sure he will make a great chair and I look forward to working with him for many years to come."
"I want to thank Sumner for his guidance and strong support over all these years," Moonves added in a statement.
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