Viacom’s interim president and CEO, Tom Dooley, will be leaving the post effective November 15. The long lead on his exit is to allow Viacom’s board to ensure an orderly succession.
Dooley announced the decision as other news out of the company, which has been rocked by contentions between leadership and investors this year, revealed it will be reducing its dividend payout “to preserve capital,” going ahead with plans to access debt capital markets to improve liquidity, and has closed efforts to secure a minority investor in Paramount Pictures.
“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,” said Dooley.
“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.”
Shari Redstone, vice chair of the board, said, “While there is more work to do, the actions announced today are an important first step towards realizing the value of Viacom’s exceptional assets and positioning the company for the future. I also want to thank Tom Dooley for his service and his willingness to stay on through this transition period.”