Summary
NEW YORK -- The board of Viacom Inc., frustrated with the media company's lagging stock price, has ousted Tom Freston as CEO and replaced him with Philippe Dauman, a former Viacom executive and longtime board member. Chairman Sumner Redstone said Tuesday he hopes the new team will be more aggressive and entrepreneurial.
Dauman's business partner Thomas Dooley, another board member, is also assuming an active role with the newly created title of chief administrative officer. Freston had only been in the job since the beginning of the year, when Viacom split up with CBS Corp.See the full content of this document
Extract
Viacom Ousts Ceo Freston
The news of Freston's sudden departure got a poor reception among investors, who pushed the company's shares down $2.08, or 5.6 percent, to...
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