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Dolan left Young & Rubicam in 2003 amid speculation that he had clashed with Sir Martin Sorrell, whose WPP Group had bought Y&R in 2000. He has since had a low profile, but notably advised private equity group Hellman & Friedman during 2004 on a bid for Grey Global, which eventually went to WPP.

On May 11, Dolan will replace Viacom's current chief financial officer Richard Bressler, who notified the company in January that he would not be renewing his contract.

Redstone has been recently been occupied with two concerns. One is the need to ensure a smooth succession ahead of his intended retirement, which he has said will come by 2007. This is complicated by the other -- the restructuring of Viacom, which he believes may need to be carried out in order to improve its growth prospects and ability to raise cash.

The appointment of someone with Dolan's financial expertise is a clear signal that Redstone intends to execute the plan. He was also chief financial officer of Y&R from 1996 to 2000.

Redstone said: "As we continue to assess the possible separation of Viacom into two publicly traded entities, we will benefit from Mike's experience in successfully completing complex financial transactions, such as his flawless execution of the initial public offering of Young & Rubicam."

Redstone's initial announcement of the plan in March indicated that the two companies would each be headed by one of the current joint chief operating officers, Tom Freston and Les Moonves.

Freston would head the high-growth businesses such as MTV Networks, and Moonves would head high-cash-generating businesses with less exciting growth prospects, such as the CBS broadcast TV business and the outdoor advertising and radio businesses.

Dolan's appointment as executive vice-president may change matters. He said: "I have always admired Viacom's innovative content, unrivalled brands and creative excellence and I look forward to working with Sumner, Tom Freston and Leslie Moonves to maximise the long-term potential of Viacom's business."

Dolan joins the media owner side after experience agency-side with Y&R, and before that, several years at PepsiCo, where he served as president and chief executive officer of Snack Ventures Europe, the joint venture between PepsiCo and General Mills.

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