After losing the bidding war for Myspace, Viacom chairman Sumner Redstone stunned the entertainment industry in September 2006 when he fired Tom Freston from the position of CEO. Redstone believed that the failure to acquire Myspace contributed to the 20% drop in Viacom's stock price in 2006 up to the date of Freston's ouster. Freston's successor as CEO, Philippe Dauman, was quoted as saying "never, ever let another competitor beat us to the trophy."