The media and entertainment conglomerate said two of the company's 17 directors won't run for re-election at next month's annual meeting.
By not replacing them, Viacom -- which cut its board size last year as well -- says it will be getting closer to its "target size" of 14 directors.
Like other high-profile companies, including rival
, Viacom has said that a smaller board of directors -- presumably, a less unwieldy committee of corporate overseers -- is one element of improved corporate governance.
Nine of the returning 15 directors qualify as independent, said Viacom, addressing another yardstick often used to assess the quality of corporate governance -- independent director majorities.
Departing from the board will be Ivan Seidenberg, chairman and CEO of
, and William H. Gray III, CEO of The College Fund/United Negro College Fund.
"Bill and Ivan have decided to leave our board in order to focus on other commitments," Viacom Chairman and CEO Sumner Redstone said in a statement. The departing directors "have served Viacom and its shareholders with distinction for many years and have been particularly instrumental during a period of great change and growth at the company," Redstone said.
On Thursday, Viacom slipped 38 cents to $40.24.