Nickelodeon and MTV Networks parent company Viacom Inc. has said goodbye to president and CEO Tom Freston. After more than 26 years with the media conglomerate, the 60-year-old MTV co-founder is stepping down as the company suffers disappointing stock performance. In seeking more aggressive management, Viacom’s board of directors has replaced him with 52-year-old board member Philippe P. Dauman, and has named Thomas E. Dooley to the newly created position of senior exec VP and chief administrative officer.
Both Dauman and Dooley have served in a number of senior exec positions at Viacom, working closely with exec chairman and founder Sumner Redstone for more than 20 years. Since 2000, they have been co-chairmen and chief executive officers of DND Capital Partners L.L.C., a private equity firm specializing in media and telecommunication investments.
“I have great respect for Tom Freston and want to personally thank him for his tremendous contributions to Viacom over the past 20 years,’ Redstone comments. Tom successfully built MTV Networks into an unmatched force in the entertainment industry and assembled a best-in-class operational team to build on that foundation. Tom has been a friend and a colleague for many years and we wish him well as he moves on to the next stage of his career.”