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The Wall Street Journal: Viacom CEO Philippe Dauman agrees to step down

Viacom Inc. Chief Executive Philippe Dauman has agreed to step down effective immediately and the company’s board will be expanded as part of a settlement to end a drawn-out power struggle at the media giant.

In a memo to employees Friday evening, Chief Operating Officer Tom Dooley announced that he will assume the position of interim CEO through September. The boards of Viacom VIA, +1.78%VIAB, +1.52% and Sumner Redstone’s National Amusements Inc., which controls an 80% voting stake in the media company, have approved the agreement to settle their dispute, and the final deal is expected to be signed and announced shortly, Dooley wrote.

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