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Viacom Names New CFO

Apr 27, 2005  •  Post A Comment

Viacom on Wednesday said it has named Michael Dolan as executive VP and chief financial officer of the media giant, replacing Richard Bressler, who in January announced that he would not renew his current employment when it expired next year.

Mr. Dolan assumes his new role May 11 and reports to Viacom Chairman and CEO Sumner Redstone.

For his part, Mr. Bressler will assist in easing Mr. Dolan into his new position.

Mr. Dolan joins Viacom after having served as chairman and CEO of advertising agency Young & Rubicam. Before joining Y&R Mr. Dolan worked at PepsiCo in several financial and operational posts, including VP of strategic planning and new business development. He began his career at Morgan Guaranty Trust.

Mr. Dolan’s appointment comes as Viacom’s board decides whether to split up the company in an attempt to give a jolt to the company’s languishing stock price. One company would be a high-growth operation that includes MTV Networks and Paramount Pictures and would be led by Viacom co-Chief Operating Operator Tom Freston, while the other would include CBS and Infinity Radio and focus more on generating cash. Co-COO Leslie Moonves would lead that company.

Viacom is expected to make a decision about a split later in the second quarter, and should it take place, there are reports Mr. Dolan would lead the finance operation at the unit that contains MTV, while Fred Reynolds, presently president of the Viacom Television Stations Group, would serve as CFO of the Moonves-controlled company.