Frank Biondi, Jr., CEO of Viacom since 1987, will be leaving the company immediately, Viacom announced on Wednesday. Sumner Redstone, chairman of the board, will assume Mr. Biondi's responsibilities and take the additional title of CEO. Viacom Wednesday also created a new executive committee comprised of: Steven Berrard, president and CEO of Blockbuster Entertainment Group
; Philippe Dauman, exec VP, general counsel and chief administrative officer of Viacom; Jonathan Dolgen, chairman of Viacom Entertainment Group; Tom Dooley, exec VP-finance, corporate deveopment and communications of Viacom; Tom Freston, chairman and CEO of MTV Networks
; Ed Horowitz, senior VP-technology of Viacom and chairman and CEO of Viacom Interactive Media; and Jonathan Newcomb, president and CEO of Simon & Schuster.