Bakish, who will become CEO on 15 November, has been at the US media giant since 1997, is credited with building Viacom’s international business over the past decade.
As president and CEO of Viacom International Media Networks for the past five years, Bakish oversaw a doubling of the company’s international revenue. Viacom has more than 200 TV channels which reach nearly four billion subscribers.
Bakish succeds Dooley, who was appointed as interim CEO in August after Philippe Dauman was ousted following a power struggle between Dauman and Sumner Restone, the controlling shareholder at Viacom.
As CEO, Bakish will focus on investing in and developing new content, expanding distribution and pursuing strategic growth opportunities in Viacom’s core businesses.
He said: "Content is the lifeblood of our business and my near-term focus will be to nurture our creative output and brands, ensuring they remain distinctive, differentiated and powerful in an increasingly competitive global media landscape."