(Reuters) - Viacom Inc said it appointed corporate development executive Wade Davis to become the media company’s new chief financial officer, replacing Jimmy Barge in the position.
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 environment.
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.
Reporting By Liana B. Baker; Editing by Tim Dobbyn