Shari Redstone Will "Advocate" for Viacom Shareholders, Rep Says
Sumner Redstone's daughter will remain vice chair of the company.
Shari Redstone, the daughter of Viacom founder Sumner Redstone, on Thursday issued a statement via a spokeswoman after the appointment of Philippe Dauman as Viacom executive chairman.
"Shari is going to continue to advocate for what she believes to be in the best interests of Viacom shareholders,” read the statement.
Longtime Sumner Redstone confidant Dauman takes on the added title, while Sumner Redstone becomes chairman emeritus. The board offered Shari Redstone the role of non-executive chairman, but she declined and will continue in her role as non-executive vice chair.
Shari Redstone had on Wednesday suggested that Dauman shouldn't become Viacom chairman, saying no trustee of her father's trust and no one "otherwise intertwined in Redstone family matters" should lead the CBS and Viacom boards. Shari and Dauman both sit on the seven-person trust board, which will assume control of Sumner Redstone's holdings whenever he is no longer able to do so himself.
In line with that, David Faber on CNBC reported that Sumner Redstone voted in favor of Dauman as chairman, while Shari Redstone voted against him.