Leslie Moonves has been elected CBS Corp.’ chairman of the board. He’ll add that title to his existing titles of president and CEO, both of which he’s held since 2006.

“I am honored to accept the chairmanship of this great Company,” said Moonves in a statement. “I want to thank Sumner for his guidance and strong support over all these years. It has meant the world to me.”

Moonves was elected chairman in the wake of Sumner Redstone’s decision to resign from his position as executive chairman, effective as of Tuesday, Feb. 2, 2016. Redstone, 92 and reported to be in poor health, is now chairman emeritus of CBS Corp. Shari Redstone, Sumner’s daughter, will continue to serve as vice chair of the CBS board, a position she was held since 2005.

The CBS board offered the role to Ms. Redstone, but she declined in favor of Moonves.

“I have been fortunate to work with Les and he has clearly established himself as a creative and effective leader who understands both the challenges and the opportunities that are shaping today’s media landscape,” said Ms. Redstone, also in a statement.

“I am particularly grateful that Shari Redstone has agreed to continue in her role as Vice Chair of the Company. Her business acumen and knowledge of the media space remain very important to me as we move forward, and I greatly appreciate her support and invaluable counsel,” Moonves said.

The move comes as Redstone’s leadership has been questioned, especially in light of an ongoing lawsuit filed by his ex-girlfriend, Manuela Herzer, who is fighting for control over Redstone’s health-care decisions.

Things do not appear to be transitioning so smoothly on the Viacom side, where neither Ms. Redstone nor Wall Street seem to be supporting CEO Philippe Dauman. Redstone had presided over both companies and at one point had combined them into one company, but divided them again in 2005. Dauman is one of the seven trustees of Redstone’s estate, another of which is also Ms. Redstone.

“My father’s trust states his intention that I succeed him as (non-executive) chair at CBS and Viacom, and also names me as a trustee after his death,” Shari Redstone said Wednesday. “However, it is my firm belief that whoever 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.”

Over the past year, Viacom has been stressed, last year taking a nearly $800 write-down and laying off hundreds of employees.

The Viacom board of directors is scheduled to meet Thursday.

Brief Take: Moonves’ rise to the top of CBS appears to be the beginning of the end of the ongoing Viacom saga, during which the leadership of the media conglomerate has been in serious question.

Read more: The Hollywood Reporter, Variety

[Image courtesy of Variety.]

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