Tom Dooley's Viacom Farewell: "Right Time for New Leadership"

The Hollywood Reporter

With Viacom on Wednesday announcing the mid-November departure of interim president and CEO Tom Dooley, the company internally shared a memo from the outgoing company veteran.

Read Dooley's memo below.

Good morning,

Viacom is entering an exciting time in its history. We have all worked very hard to reposition the company in an ever-evolving business environment that is highly competitive, and increasingly global and digital. And we've seen solid success - continually adding to our capabilities in many important areas and rapidly building our creative and operational strengths. Not only have we welcomed colleagues with powerful new expertise, but we've also continued to evolve and reinvent our organization from top to bottom, always striving to make ourselves and this company even better.

It has been an amazing journey and I could not be more proud of you and of what we have accomplished together.

There is no doubt that we find ourselves at another very important and hopeful inflection point. After a great deal of reflection and thoughtful consideration, I have decided this is the right time for new leadership to build on our progress and success and take Viacom into the future.

The Board and I are announcing today that I will step down as President and CEO on November 15 to allow for a smooth transition to new management. Until then, I will continue to work with all of you to achieve the ambitious goals we have set. Attached is the announcement about the transition, which also provides more information about how we are positioning the company for the future.

As I am sure you can imagine, this was an extremely difficult decision. I have called Viacom home for 36 years and have had the pleasure and privilege to work with the very best people in this - or any - business. We have shared triumphs, forged friendships and built a great company with a culture of creativity and success that I hope will flourish for many years to come.

I have full confidence that our Board of Directors and outstanding leadership team will build on those accomplishments, with a new CEO who will continue Viacom's forward momentum, support its employees and embrace our positive and inclusive culture.

I was lucky to be one of the first people to meet Sumner Redstone when he acquired Viacom in 1987, and it has been thrilling ride since that day. I thank him for his leadership and support over these many years. Additionally, I'd like to express my appreciation to Shari and the Board for their strong commitment to the company and its bright future.

Most of all, I'd like to thank all of the extraordinary people I've worked with, from my early colleagues at "Veeacom" to the newest members of the Viacom family. Your friendship and dedication will forever be inspiring, and I know your passion will continue to drive our success.

I have no doubt that Viacom's best days are ahead and I thank you all for your ongoing friendship and support.

All the best,

Tom

Read more: Viacom Interim CEO Tom Dooley to Depart, Company to Consider "All Options"