CBS Corp. announced that Sumner Redstone, 92, has resigned as executive chairman, effective Feb. 2,
Reuters reported.
He will be replaced in that role by the company's president and CEO, Leslie Moonves. Redstone will continue to hold the title of chairman emeritus at CBS, the article said.
Viacom Inc., where Redstone is also chairman, did not issue a statement about him, the Reuters article said. Redstone controls about 80% of the voting shares in both companies through a holding company, the report noted.
Questions have arisen about Redstone's physical and mental health, the Reuters report noted. His former girlfriend Manuela Herzer has challenged his mental competency in a lawsuit.
“CBS said that before electing Moonves, its board offered the position of non-executive chair to [Redstone's] daughter, Shari Redstone, but she had declined,” the Reuters article said. (Source: Reuters, Feb. 3, 2016.)
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