Viacom has also announced that besides Ken Miller, Brent D. Redstone,
George H. Conrades and Leslie Moonves who heads CBS who will not
stand for reelection, all the current board members would stand
for re-election. As a result, the changes will see the board coming
down to 17 from 18 members on the current board. The board will
include 11 independent directors.
Speaking on this Viacom's CEO Sumner Redstone said, "Viacom has
gone beyond present and proposed requirements of the Securities
Exchange Commission (SEC) and the New York Stock Exchange by reducing
the representation of management and related parties on our board
and increasing the ratio of independent directors.
I am extremely pleased that Viacom has the opportunity to add
three very accomplished individuals to our board. Each brings a
strong independent voice and together represent years of experience
in business, finance, law and public service. Joe Califano, Bill
Cohen and Ace Greenberg each have led large, powerful organisations
and Viacom will benefit from their skill, their knowledge and their
I particularly want to express our thanks to Leslie Moonves, who
graciously accepted our request to step down from the board to make
room for new independent directors. Leslie is one of the most talented
executives in the entertainment business. In his continuing role
as president and chief executive officer of CBS, he has led the
network to the top spot among broadcasters and has greatly enhanced
and expanded our television operations."