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Viacom

CEO Dauman takes over chair at Viacom, replacing Redstone

Aging media mogul Sumner Redstone stepped down as executive chairman of Viacom on Thursday and was replaced by CEO Philippe Dauman, a move that immediately disappointed investors.

Although the decision mimicked a similar move at sister company CBS, Thursday's action has the potential to set off a future board fight. Redstone's daughter Shari said Wednesday she was against Dauman's promotion to the role because of his deep involvement in Redstone family affairs.

Investment adviser SpringOwl, which holds a stake of undisclosed size in Viacom, had also opposed Dauman's bid for the chairmanship, calling instead for an independent director.

Dauman is one of seven...

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