End of the Saga

CEO Dauman Ousted from Viacom, Ending Redstone Feud

Philippe Dauman has been ousted as CEO of Viacom, ending a long-running legal war and behind-the-scenes saga with company founder Sumner Redstone and his daughter, Shari Redstone. The decision came at a board meeting Thursday night, when members voted to remove Dauman and install Thomas Dooley as the interim chief executive. Dauman, after 10 years at the helm, would reportedly get a $72 million exit package. The agreement would also see Dauman drop a lawsuit seeking to be reinstated at the Redstone trust and theater company National Amusements. Dauman and Viacom director George Abrams were removed by Sumner Redstone in May, but they say he wasn’t “mentally competent” enough to make such a decision, and that his daughter is pulling his strings. Dauman will remain as nonexecutive chairman until Sept. 13.