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Mel Karmazin Resigns as President of Viacom; Moonves, Freston to Step In

Authored by Mark Hefflinger on June 1, 2004 - 3:50pm.

New York -- Media conglomerate Viacom, whose holdings include CBS, Paramount Pictures and MTV Networks, announced on Tuesday that company president Mel Karmazin has resigned. Viacom named MTV Networks chairman and CEO Tom Freston, and CBS chairman and CEO Leslie Moonves as co-presidents and co-chief operating officers of the company, reporting to Viacom chairman and CEO Sumner Redstone. As part of the succession plan, Redstone also announced he will step down as CEO within three years. "We very much regret Mel's decision to resign and we wish him well," said Redstone. "He has been instrumental in Viacom's operating success since our merger with CBS and he leaves with an extraordinary track record of accomplishment." Redstone said in a conference call that Karmazin was frustrated with Viacom's struggling radio operations, as well as with the company's share price, the Associated Press reported.