Date
29 March 2017
Sumner Redstone has been notably absent from recent company earnings calls. Last year, the board slashed his salary 85 percent, citing his reduced responsibiities. Photo: Reuters
Sumner Redstone has been notably absent from recent company earnings calls. Last year, the board slashed his salary 85 percent, citing his reduced responsibiities. Photo: Reuters

Redstone quits as CBS chairman amid health concerns

CBS Corp. chairman Sumner Redstone has resigned amid questions about his physical and mental health.

Redstone, 92, will be replaced by chief executive Les Moonves, Reuters reports, citing the the media company.

Redstone’s health has been the subject of intense debate, partly due to his notable absence from the companies’ recent earnings conference calls.

In November, his former girlfriend, Manuela Herzer, challenged his mental competency in a lawsuit.

As part of that legal fight, Redstone was set to undergo a mental examination by a psychiatrist hired by Herzer. The results of that test has not been made public.

Redstone controls about 80 percent of the voting shares in Viacom and CBS through a holding company.

CBS said tha the board had offered the position of non-executive chairman to Redstone’s daughter, Shari Redstone, but that she declined.

Viacom said last month that it cut Redstone’s total pay by 85 percent last year in light of his “reduced responsibilities”, without giving further details.

Redstone’s resignation as executive chairman was effective Feb. 2, CBS said. He will remain as chairman emeritus.

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CG/RA

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