Viacom Inc. shareholders approved a board of directors with fewer company
insiders Wednesday, Reuters reports.
"The changes to the board are to increase the ratio of independent directors
and further our commitment to good corporate governance," chairman and CEO
Sumner Redstone told investors.
Not standing for re-election to the company's new 17-member board were
Redstone's son Brent, CBS president and chief operating officer Leslie Moonves,
Akamai Corp. chairman George Conrades and Credit Suisse First Boston LLC vice
chairman Ken Miller.
The new board now has 11 independent members versus 10 on the previous
18-person board.
Two of the outgoing directors were company insiders. They were replaced by
three independent directors: former secretary of health, education and welfare
Joseph Califano; former secretary of defense William Cohen; and former Bear
Stearns Cos. Inc. chairman Alan Greenberg.
