MUMBAI: Media conglomerate Viacom has appointed Michael J. Dolan as its executive VP and CFO.
Dolan will report to Viacom chairman and CEO Sumner Redstone. Dolan will assume his duties as CFO on 11 May.
Dolan was formerly Young & Rubicam (Y&R) chairman and CEO. Y&R is a diversified advertising agency and marketing services company with 11,000 employees in approximately 100 countries and approximately $2 billion in net revenues.
Redstone said, "Mike Dolan is a seasoned executive with extensive experience at creatively driven and brand-oriented companies. He has demonstrated outstanding leadership and skill at every stage of his career and has a proven record of success.
" As we continue to assess the possible separation of Viacom into two publicly-traded entities, we will benefit from Mike's experience in successfully completing complex financial transactions, such as his flawless execution of the initial public offering of Young & Rubicam. We are extremely fortunate to have him join the Viacom team at this pivotal time in the Company's history, and we're confident that he will make significant contributions to our continuing success."
Dolan succeeds Richard J. Bressler, who served as CFO from March 2001. Bressler had notified Viacom in January that he would not be renewing his contract. He will work with Dolan to ensure a smooth transition of the financial functions.
Dolan said, "This is an extraordinary opportunity to join a company that continues to be on the leading edge of its industry. I have always admired Viacom's innovative content, unrivaled brands and creative excellence. I look forward to working with Sumner, Tom Freston and Leslie Moonves and with the company's exceptional management team to maximise the long-term potential of Viacom's businesses."
Talking about Bressler Redstone said, "We want to thank Rich for his years of service to Viacom. He made important contributions to the significant financial and operational strides we accomplished during his tenure. We wish him well as he moves on to new opportunities."
