Exec resigns after 26 years.

Tom Freston, president/CEO of MTV parent Viacom, has resigned after 26 years service, the company's board of directors said on Monday (Sept. 4).

In his place the board has appointed Philippe Dauman as president and CEO. In addition, the board named Thomas E. Dooley to the newly created position of senior executive VP and chief administrative officer.

Dauman and Dooley, who are currently members of the Viacom board of directors, previously served in a number of senior executive positions at Viacom, including as deputy chairmen from 1996 to 2000.

Dauman will report to Sumner M. Redstone, Viacom's executive chairman and founder, and to the board of directors of Viacom. Dooley will report to Dauman.

"Viacom has tremendous potential to grow aggressively, both domestically and internationally," Redstone said in a release. He added, I could not be more pleased to be teaming up again with Philippe and Tom, who are two of the most extraordinary executives I have ever known and with whom I shared the most productive and successful period in Viacom's history."

Redstone continued, "Tom successfully built MTV Networks into an unmatched force in the entertainment industry and assembled a best-in-class operational team to build on that foundation.

Dauman and Dooley have worked with Redstone and with each other for more than 20 years. Since 2000, they have served as co-chairmen and CEOs of DND Capital Partners, L.L.C., a private equity firm specializing in media and telecommunication investments.

Dauman, who has been a director of Viacom since 1987, served from 1994 to 2000 as a member of Viacom's executive committee and as executive VP in charge of strategic transactions, legal and government affairs, human resources and administration, with supervisory responsibility for Paramount Entertainment, Showtime Networks and Simon & Schuster. From 1993 to 1998, he also was General Counsel of Viacom.

Dooley held various corporate positions at Viacom from 1980 to 2000, including member of the executive committee and executive VP of finance, corporate development and communications. He served as a member of the Viacom board from 1996 to 2000 and rejoined the board in 2006.

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