Viacom CEO Philippe Dauman elected chairman as Sumner Redstone steps down

Amid opposition, Philippe Dauman has been elected chairman of Viacom, Inc., replacing Sumner Redstone.

Dauman has been the Chief Executive Officer and President of Viacom, Inc. since September 5, 2006.

Redstone, 92 and in declining health, will assume a chairman emeritus position with the board.

On Wednesday, following the election of Les Moonves to CBS Corp. chairman, Shari Redstone, Sumner's daughter and vice chairman of Viacom, suggested the board go with someone more independent than Dauman.

"It is my firm belief that whomever may succeed my father as Chair at each company should be someone who is not a Trustee of my father's trust or otherwise intertwined in Redstone family matters, but rather a leader with an independent voice," said Shari Redstone.

Les Moonves, the CBS Corporation's who was elected chairman on Tuesday, was considered the top candidate for the Viacom chair, as well.

More to come...