The Torch Passes At CBS

There's a change at the top of CBS.

92-year old Sumner Redstone has resigned as executive chairman of CBS Corp. CBS CEO Les Moonves, is taking over. He was nominated for the position by vice chair Shari Redstone, Sumner's daughter.

Redstone also controls Viacom, but has set up Trusts that would control the two media companies after he dies. Shari is a trustee of the Redstone Trust, as is Viacom CEO Philippe Dauman.

Moonves will continue as CEO, the position he's held since 2006.

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