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Just 48 hours ago, Sumner Redstone was the executive chairman of both CBS Corp. and Viacom. But now, he has been replaced at both companies.
Today, Viacom announced that its president and CEO Philippe Dauman had been named executive chairman, replacing the ailing Redstone, who is 92. Yesterday, CBS Corp. appointed Les Moonves as its chairman, after Redstone had resigned on Feb. 2.
Redstone, who vowed never to retire (even going as far to declare that he would never die), is now chairman emeritus at both companies.
The news comes two weeks after Viacom and CBS were sued by a shareholder, who questioned Redstone's mental competence—which led investors to wonder whether Redstone should continue running both companies.