Markets

Sumner Redstone resigns as chair of CBS

/ CBS/AP

NEW YORK -- CBS says media mogul Sumner Redstone has resigned as chair of the company's board, replaced by the company's CEO, Leslie Moonves.

"I have been fortunate to work with Les and he has clearly established himself as a creative and effective leader who understands both the challenges and the opportunities that are shaping today's media landscape," Shari Redstone, vice chair of the CBS board and Sumner Redstone's daughter, said in a statement.

Moonves, who joined CBS in 1995, previously worked at Warner Bros. Television and Lorimar Television. The 66-year-old Moonves has been CEO of CBS since 2003.

The company says Redstone's resignation took effect Tuesday and he now serves as chairman emeritus.

He remains the executive chairman of Viacom.

The 92-year-old's health and mental capacity have been at the center of a months-long court fight.

Redstone's ex-girlfriend and longtime companion Manuela Herzer has raised issues in court papers about his decision-making capacity after she was expelled from his house in October. Herzer was previously in control of Redstone's care until their split.

CBS is the parent company of CBSNews.com and CBS MoneyWatch.

First published on February 3, 2016 / 5:15 PM EST

© 2016 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.