Investor Calls for Viacom CEO Exit

By on May, 30 2016 with Comments 0

ViacomFirst Sumner Redstone, executive chairman of CBS Corp. and Viacom, removed Viacom Chairman and CEO Philippe Dauman from the trust that will control both companies once Redstone dies or is incapacitated. Now Viacom investor Eric Jackson wants Dauman fired and for Viacom to merge with CBS.

Jackson, a partner with firm SpringOwl Asset Management, also urged Viacom to spin off Paramount Pictures.

Jackson has alleged Dauman is not fulfilling his fiduciary duties to shareholders while he fights Redstone, reports the New York Post.

Redstone issued a statement saying he would act “in the best interests of the shareholders,” in determining whether to oust Dauman, Reuters reported.

Dauman has sued Redstone to block his removal from the trust.

About The Author: Leslie Stimson has been a reporter for 35+ years, starting in radio news. She’s spent the last 20 years reporting for radio trades.

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