Karmazin Steps Down at Viacom

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NEW YORK Mel Karmazin has resigned as president and chief operating officer of Viacom, following several years of an uncomfortable working relationship with company chairman and CEO Sumner Redstone.

One year ago, Karmazin signed a contract extension through 2006, despite his private feuding with Redstone and reports that he was ready to depart. While that contract extension reduced some of Karmazin’s internal power, it also contained an exit clause that permitted him to leave if he was overruled by Redstone on certain corporate decisions.

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