Viacom Chief Executive Philippe Dauman explained the company’s succession plan Monday amid concerns over the health of Sumner Redstone, the 92-year-old controlling shareholder in both Viacom and CBS Corp.
The Los Angeles Times reports that the health of Redstone, Viacom’s executive chairman, has been declining in recent months.
Redstone has not been a part of Viacom’s public events for the past year, and the company has come under mounting pressure to be transparent about his health, the report notes. But Dauman criticized the media coverage of Redstone’s health.
As for a succession plan, Dauman told investors Monday: “There will be seven trustees … and each of them are independent-minded and each of them would have a fiduciary responsibility to exercise. There is no one individual that will control the trust; it will operate by a majority vote.”
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