Philippe Dauman Set to Exit Viacom with Reported $72 Million Payout

NEW YORK: Viacom is said to have reached a settlement that sees CEO Philippe Dauman exiting the company in exchange for a reported $72 million pay-off.

Though no formal announcement has been made yet, Viacom’s board is said to have approved an agreement last night that brings to an end the legal battle between Dauman and the Redstone family, which controls Viacom’s majority shareholder, National Amusements. Dauman is said to be exiting the CEO post he has held for the last decade, though will hold a non-executive chairman position until September 13. COO Tom Dooley is believed to have been named interim CEO of Viacom through at least September. The Viacom board will add five new directors backed by the Redstones.

Dauman and his directors are expected to withdraw all pending legal actions.