Viacom Interim President-CEO Tom Dooley Out

Viacom's board started a search for a new president-CEO, the company told us Wednesday, announcing in a news release interim President-CEO Tom Dooley is leaving the company effective Nov. 15. Formerly chief operating officer, Dooley was named interim in August, replacing Philippe Dauman (see 1608220029). Viacom said the board is undertaking a search for the next CEO but wouldn't elaborate. Viacom also said it's halving its quarterly dividend from 40 cents to 20 cents per share and it expects to take on additional debt soon. In a statement, Viacom said the steps are a balance between its "focus on a strong balance sheet and its strategy to invest in world class content and pursue opportunities to grow its core businesses." It also said it shut the door on finding a minority investor in Paramount Pictures, "to consider all options available." In an SEC filing Wednesday, Viacom said Dooley will receive a $4.375 million "retention payment" for not resigning before that November date or if Viacom terminates his employment before then -- in which case he also will receive any additional salary he would have earned if he had remained employed through then.