Sumner Redstone resigns as CBS chairman, replaced by Leslie Moonves

February 3, 2016 10:09 PM

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Ailing media mogul Sumner Redstone has resigned from his position as executive chairman at broadcasting giant CBS Corp.

CBS Chief Executive Leslie Moonves has been elected as chairman of the board, the company said Wednesday afternoon in a statement. Moonves also will continue in his current role as chief executive.

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