Nov 27 Viacom Inc said it appointed
corporate development executive Wade Davis to become the media
company's new chief financial officer, replacing Jimmy Barge in
Davis, 40, joined the company which owns cable TV networks
and the Paramount movie studio in 2005 to work on mergers and
acquisitions. He later did strategic planning and corporate
development work. The appointment is effective immediately.
Barge, 57, will leave the company to pursue other
opportunities after a transition period. He had been in the CFO
role since October 2010 and with Viacom since 2008.
In November, Viacom reported a rise in quarterly profit,
defying weak box-office sales and a challenging advertising
But Viacom faces challenges at some of its most high-profile
cable networks, MTV and Nickelodeon, which are in a ratings
slump. So far, investors appear undaunted and its shares have
gained more than 10 percent so far this year.
Viacom stock rose 0.5 percent to close at $50.38 on Tuesday.