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Sumner Redstone names replacements for ousted execs

By
Claire Atkinson
Published May 24, 2016, 11:13 a.m. ET

Sumner Redstone named replacements for Viacom Chief Executive Philippe Dauman and another executive whom he booted from a board and a trust that will eventually control his media holdings.

Sumner Redstone’s granddaughter and Shari Redstone’s daughter, Kimberlee Ostheimer, and family friend Jill Krutick will join the board of National Amusements, the privately held theater chain that also holds Sumner Redstone’s majority stakes in CBS and Viacom, according to a statement Tuesday from the media mogul.

Ostheimer’s husband, Jason Ostheimer, is a co-founder of Shari Redstone’s digital media investment company, Advancit Capital. Sumner Redstone owns 80 percent of National Amusements while daughter Shari Redstone holds the balance.

The 92-year-old Redstone also moved to name new members of an irrevocable family trust that will steer his $40 billion media empire after he dies or is deemed incapacitated.

Krutick, a former equities analyst who covered Viacom, will also join the trust, along with Tad Jankowski, the executive vice president and general counsel at National Amusements.

The changes follow Redstone’s move to oust longtime lieutenant Dauman and fellow Viacom director George Abrams from the trust and the National Amusements board.

Both executives sued on Monday to block the “invalid and illegal” moves. They accuse Shari Redstone of manipulating her ailing father, who they insist is no longer mentally competent, and orchestrating the campaign against them.

Dauman and Shari Redstone are well-known adversaries who have a history of clashing over Redstone’s media companies.

Redstone’s lawyer contends the mogul has every right to make changes as no one had declared him incapacitated at the time he made the decision.

“This is my trust and my decision. I have picked those who are loyal to me and removed those who are not,” Redstone said in a statement.

Redstone is said to be steamed at Dauman and Abrams for not responding to questions about a plan to sell a minority stake in Viacom-owned Paramount Pictures against his wishes.