Ailing media mogul Sumner Redstone is resigning as the executive chairman of CBS Corporation, and CBS CEO Leslie Moonves is taking his place.
Redstone is now the chairman emeritus of CBS, according to an announcement from the company on Wednesday afternoon.
As the newly-named chairman, Moonves will remain CEO and president of CBS.
CBS said the appointment process was undertaken by Redstone’s daughter Shari, the vice chair of the CBS board of directors.
The announcement is, among other things, an acknowledgement of Sumner Redstone’s reduced role at CBS.
Redstone is also the executive chairman of Viacom and is the controlling shareholder of both Viacom and CBS.