CBS announced today that ailing and aging media mogul Sumner M. Redstone, who is 92, has resigned as the company's executive chairman. Leslie Moonves, CEO, has now taken the role of chairman.
Redstone is in poor physical health, and the subject of a recent lawsuit that claimed he was no longer mentally fit to carry out his duties. After stepping down, he was appointed chairman emeritus. His daughter, Shari Redstone, continues to serve as vice chairman.
Sumner Redstone is also executive chairman of Viacom, and there was speculation Wednesday that his role there would change, but Viacom did not respond to a request for comment. Viacom did, however, issue a press release announcing that its board of directors will meet Thursday.