Viacom’s (NASDAQ:VIA) Shareholders Elect Lead Independent Director
$VIA, $VZ
Wednesday, Viacom Inc’s (NASDAQ:VIA) new independent director pledged to represent all of the media company’s shareholders and improve board and management coordination, including on potential mergers and acquisitions.
Wednesday, Viacom named Frederic Salerno, former Vice Chairman of Verizon Communications Inc (NYSE:VZ), and a Viacom board member, as its 1st lead independent director as the entertainment company moves to counter investor criticism of its corporate governance.
Viacom’s board was looking to name one of its independent board members to the new role to assure independence after it voted to make Chief Executive Philippe Dauman executive Chairman last month. He replaced Sumner Redstone, 92 anni, media mogul’s daughter for an “independent voice” in that position.
Mr. Salerno said he wanted to ensure the company’s independent directors had a good handle on every aspect of Viacom’s business, including mergers and acquisition activity.
Last month, Mr. Dauman said the company was looking to sell a “significant stake” in its Paramount Studio unit..
About 80% of Viacom’s Class A voting shares are owned by Mr. Redstone’s family.
Mr. Salerno, who noted that a majority of independent shareholders supported him, said he saw his new role as “a matter of refinement” rather than “revolutionizing” the board.
| Symbol | Last Trade | Date | Change | Open | High | Low | Volume |
| NASDAQ:VIA | 45.64 | 17 Mar-2016 | 1.06 | 44.83 | 46.41 | 44.78 | 59,100 |
| HeffX-LTN Analysis for VIA: | Overall | Short | Intermediate | Long |
| Neutral (0.19) | Neutral (0.06) | Bullish (0.48) | Neutral (0.03) |
Stay tuned…
Paul Ebeling
HeffX-LTN
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