Sumner Redstone will be exiting his position on the board of directors of media giant Viacom in February following the company’s annual meeting, Viacom announced today.
“The move marks another milestone for the company that has been in turmoil for more than a year,” Variety reports. “Redstone, the controlling shareholder of Viacom and CBS, ‘will continue to participate in board meetings in a non-voting role,’ Viacom said in a Securities and Exchange Commission filing. Redstone will remain chairman emeritus, the role he segued to last February after shareholders raised concerns about his status as chairman amid reports of his failing health.”
The annual meeting is set for Feb. 6 at Viacom’s New York headquarters.
“The company aims to get back on track after Sumner Redstone and daughter Shari Redstone earlier this week called off the proposed merger with CBS and named Viacom vet Bob Bakish as its permanent president and CEO. He also joined the board of directors on Dec. 12,” Variety notes.