Viacom (VIAB - Get Report) has probably endured too much publicity over the past year, which might explain the company's decision to issue a statement on a Saturday evening in late August making official the sweeping settlement made public earlier this week that will lead to the ouster of its chief executive, Philippe Dauman.
Under terms of the settlement, Dauman will resign immediately and be succeeded by Tom Dooley, his long-time right-hand man and chief operating officer. Dooley will serve as interim chief executive through Sept. 30, the end of Viacom's fiscal year. In the meantime, the board will meet with Dooley to decide on succession plans, which could include making Dooley the permanent CEO.
As for the lawsuits and counter lawsuits between Dauman and the Redstones, Sumner and his daughter Shari, they have been terminated. Viacom, as reported on Thursday evening, will expand its board of directors to 16 members in order to include five directors that the Redstones had sought to install on the board in June, replacing Dauman, George Abrams and others.
Dauman will remain as nonexecutive chairman through Sept. 13, when the board will be reduced to 15 directors.
Sumner Redstone retains his position as chairman emeritus and Shari Redstone will continue to hold her board seat and the title of nonexecutive vice chairman. The five new Viacom Board members elected by NAI are Kenneth Lerer, Thomas May, Judith McHale, Ron Nelson and Nicole Seligman.
In the statement, Dauman said "this agreement will give the company and its employees the best opportunity to continue a smooth evolution into the future."