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Tag: Richard J. Bressler

  • Y&R’s Michael J Dolan joins Viacom as CFO

    Y&R’s Michael J Dolan joins Viacom as CFO

    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.”

  • Viacom’s Bressler to step down in Mar ’06

    Viacom’s Bressler to step down in Mar ’06

    MUMBAI: Viacom Inc. has announced that the company’s senior executive VP and CFO Richard J. Bressler will be quitting the company next year. As per an official communiqué, Bressler will not be renewing his contract which expires in March 2006.

    Reportedly, Viacom’s top management change in June 2004 has played a part in Bressler’s departure. The exit of chairman and chief executive Mel Karmazin and the appointments of Leslie Moonves and Tom Freston as co-presidents may have affected Bressler’s position and prospects in the company. New York Times has quoted an unnamed source as saying that Bressler had been angling for the president’s post which he denied later. Viacom will begin a search for a successor to Bressler.

    Says Bressler, “Viacom is a fantastic company and I have enjoyed the challenge of helping guide the company’s financial activities, managing our strategy and merger & acquisition teams. I know the company is well-positioned for success under the leadership of Sumner Redstone, Tom Freston and Leslie Moonves. I am looking forward to finding new challenges following a transition period that will give Viacom ample time to bring in a new Chief Financial Officer.”

    “Rich is a talented executive who has been an integral member of our corporate team and has made many contributions to our company during a period of great change and success. He has been an active and successful advocate for Viacom in the financial markets, a valued strategic advisor and has helped us become one of the strongest companies in the media business,” says Viacom chairman & CEO Redstone.

    Bressler joined Viacom in his current role in March 2001 from AOL Time Warner where he was executive vice president of AOL Time Warner and chief executive officer of AOL Time Warner Investments. Prior to that, he served as chairman and CEO of Time Warner Digital Media- a position he assumed in July 1999. Previously, he was executive vice president and chief financial officer of Time Warner Inc. from March 1995 to June 1999 where he was responsible for the management of all corporate, strategic and financial activities