Interim Viacom CEO Tom Dooley To Exit In November

Viacom Inc. cut its dividend in half on Wednesday and said recently named Interim Chief Executive Tom Dooley would depart in November.

Tom Dooley

The company also said it is no longer seeking to sell a minority stake in Paramount Pictures, according to The Wall Street Journal.

The departure of Mr. Dooley, who has been with the company for more than three decades, came as a surprise. He was tapped as interim CEO after Viacom’s board in August approved a settlement with Sumner Redstone’s National Amusements Inc. in which former CEO Philippe Dauman would step down.

Viacom reached a settlement in August to end its drawn-out power struggle with National Amusements, through which Mr. Redstone controls an 80% voting stake in the media giant. Viacom’s profits have been falling as ratings have declined amid the rise of streaming competitors and Paramount’s struggles at the box office. Mr. Dauman had advocated selling a piece of Paramount to bring in much-needed cash.