Published February 3, 2016 4:18pm EST | Updated February 3, 2016 5:05pm EST

Sumner Redstone Steps Down As CBS Chairman, Moonves Named Successor

CBS Corp. late Wednesday announced Sumner Redstone, chairman of CBS, resigned on Tuesday and has been named chairman emeritus. The board has already approved President and Chief Executive Leslie Moonves as his successor. The position was originally offered to Redstone's daughter, Shari, who turned down the job. Shares of CBS jumped more than 3% in after-hours trading.