Viacom CFO Resigns

Dolan is set to leave at year-end; long-time business partner of CEO will step in.
Stephen TaubNovember 9, 2006

Viacom Inc. announced late Wednesday that Executive Vice President and Chief Financial Officer Michael J. Dolan will leave the media giant at the end of 2006. Thomas Dooley, senior executive vice president and chief administrative officer, will assume the CFO duties. The programming and entertainment company did not provide a reason for the abrupt departure.

In a separate press release issued Thursday morning, the company announced a 16 percent decline in third quarter net earnings.

“I came to Viacom for the opportunity to help lead a newly minted public company out of the gate, and the challenge of setting it on a strong financial path,” said Dolan, in a statement. “I am proud that we have accomplished these goals and that Viacom is very well-positioned financially to prosper and succeed. I leave with the knowledge and confidence that the company has all the capabilities and the resources it needs to move ahead under the very able leadership of [President and CEO] Philippe Dauman.”

Dooley has worked closely with Dauman for more than 20 years. Before joining Viacom, they had been co-chairmen and co-CEOs of DND Capital Partners, a private equity firm specializing in media and telecommunication investments.

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