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Sumner Redstone to step down from Viacom board

Controlling shareholder Sumner Redstone will step down from the Viacom board of directors after the company's annual meeting in February, according to a company filing on Friday. The ailing, 93-year old Redstone, who has not attended an annual investor meeting since 2014, will continue to participate in meetings in a “non-voting” role, according to the filing. It was Redstone's decision to step down, according to a source familiar with the situation, who did not want to be named because discussions were private.

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Sumner Redstone to step down from Viacom board