Sumner Redstone will step down from the Viacom board of directors after the company’s annual meeting in February, according to a company filing Friday.
The 93-year old Redstone, who has not been at an annual investor meeting since 2014, will still continue to participate in meetings in a “non-voting” role, according to the filing. It was Redstone’s decision to step down, according to a source familiar with the situation, because discussions were private.
Redstone stepped down as executive chair of the board last February to become Chairman Emeritus, replaced by then-CEO Philippe Dauman. Dauman stepped down from Viacom earlier this year after losing a fight for control of the company to controlling shareholders Sumner Redstone and his daughter Shari Redstone.
The Redstones own the majority of voting shares of Viacom and CBS Corp through their privately-held movie theater company National Amusements Inc.