Sumner Redstone will resign as CBS’ executive chairman amid heightened questions about the 92 year-old billionaire's physical and mental health. Redstone will be replaced by Leslie Moonves, the president and chief executive officer of CBS, Variety reported Wednesday.

Moonves will continue in his president and CEO roles at CBS even with his chairman appointment. Redstone will assume the position of chairman emeritus for the network.

Moonves had reportedly struck a deal with Shari Redstone, Sumner Redstone’s daughter and the vice-chairman of the company. Under that pact, Moonves was to be named chairman of CBS after Sumner Redstone’s death.

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