NEW YORK: This is a move through which media conglomerate Viacom is hoping to push towards corporate governance. The owner of MTV and Nickelodeon has announced that Joseph A. Califano, Jr., William S. Cohen, and Alan C. Greenberg have been nominated to stand for election to its directors board at the company's annual meeting on the 21st of next month.
Viacom has also announced that besides Ken Miller, Brent D. Redstone, George H. Conrades and Leslie Moonves who heads CBS who will not stand for reelection, all the current board members would stand for re-election. As a result, the changes will see the board coming down to 17 from 18 members on the current board. The board will include 11 independent directors.
Speaking on this Viacom's CEO Sumner Redstone said, "Viacom has gone beyond present and proposed requirements of the Securities Exchange Commission (SEC) and the New York Stock Exchange by reducing the representation of management and related parties on our board and increasing the ratio of independent directors.
I am extremely pleased that Viacom has the opportunity to add three very accomplished individuals to our board. Each brings a strong independent voice and together represent years of experience in business, finance, law and public service. Joe Califano, Bill Cohen and Ace Greenberg each have led large, powerful organisations and Viacom will benefit from their skill, their knowledge and their wisdom.
I particularly want to express our thanks to Leslie Moonves, who graciously accepted our request to step down from the board to make room for new independent directors. Leslie is one of the most talented executives in the entertainment business. In his continuing role as president and chief executive officer of CBS, he has led the network to the top spot among broadcasters and has greatly enhanced and expanded our television operations."