• by Wayne Friedman , June 16, 2016

Making further major changes to the embattled Viacom company, Sumner Redstone's holding company, National Amusements -- Viacom’s controlling shareholder -- said it has replaced five members of Viacom's board, including chairman/chief executive officer Philippe Dauman.

On the news, Viacom’s stock immediately rose nearly 7% during Thursday’s trading to around $45.

The five new Viacom directors are Kenneth Lerer, Thomas May, Judith McHale, Ronald Nelson, and Nicole Seligman.

In addition to the removal of Dauman -- who was recently named chairman of Viacom -- from Viacom's board, other directors departing include George S. Abrams, Blythe J. McGarvie, Frederic V. Salerno and William Schwartz.

Recently, the 93-year-old Redstone said he "no longer trusts" Dauman to act in Viacom's best interests. Dauman remains chairman/CEO of Viacom.

Sources have questioned whether Sumner Redstone’s mental health means it is his daughter -- Shari Redstone, vice chairman of both CBS and Viacom -- who is really making the decisions.

Speaking to CNBC, David Katz, president/chief investment officer of Matrix Asset Advisors, said on CNBC that it doesn’t really matter: “It’s the Redstone Family.”

Of the move, Katz says: “We think it is overall a net positive. We think Dauman has probably underperformed as CEO.” Though Dauman has done a little bit better of late, Katz says, overall Viacom has been one the biggest underperformers in the media group.

Katz does approve of Viacom’s current proposal in selling a large minority stake in Paramount Pictures.