U.S. Markets closed

Viacom names Davis CFO; Barge to leave company

NEW YORK (AP) -- Viacom Inc. said Tuesday that its chief financial officer, Jimmy Barge, is stepping down and has been replaced by Wade Davis.

Davis, 40, had previously served as Viacom's executive vice president, strategy and corporate development. Barge, 57, will stay on for a transition period and leave the company to pursue other opportunities.

Davis' appointment is effective immediately. He will continue to oversee strategy and corporate development.

Davis joined Viacom in December 2005 as senior vice president of mergers and acquisitions. In his seven years with the company, he led the formation of some key joint ventures including the Epix pay TV channel, which the company co-owns with Metro-Goldwyn-Mayer Inc. and Lions Gate Entertainment Corp.

Previously, Davis was an investment banker in the technology and media sectors.

Barge joined Viacom in January 2008 after leaving Time Warner Inc. as senior vice president and controller.