Viacom’s CEO and newly elected chairman Philippe Dauman has locked in a key ally at the company, renewing the contract with chief operating officer and veteran exec Thomas Dooley through 2018.
The previous contract with Dooley, who began his career at Viacom more than 30 years ago, was to expire at the end of this year.
It’s the latest confirmation that Viacom is doubling down on its leadership, as the company battles dwindling ratings, activist investor calls for a revamp and a submerged stock price. The board elected Dauman as chairman on Feb. 4, after mogul and longtime leader Sumner Redstone stepped down. Dooley’s extension secures one of Dauman’s key deputies.
In a statement, Dauman touted Dooley’s work on Viacom’s data-focused advertising products and overall emphasis on efficiency throughout the company. “His continued leadership by my side will be a key factor in Viacom’s success in the years ahead,” Dauman said.
Dooley became Viacom’s operating chief in 2010, after serving as its administrative and financial chief in 2006 and 2007, respectively. He joined Viacom’s board in 2006.
In recent trading, Class B shares were up 3.4 percent at $41.61. They have tumbled about 40 percent in the last year.