Business

Sumner Redstone’s Viacom compensation falls; CEO Dauman hauls in $36.9 million

Published

January 21, 2016

The 92-year-old Viacom Inc. Executive Chairman Sumner Redstone was paid $2 million in salary in 2015 fiscal year, according to a company filing Wednesday with the Securities and Exchange Commission.

Viacom released executive compensation figures for Redstone and Chief Executive Philippe Dauman, day after the company was hit with a shareholder lawsuit that questioned Redstone’s compensation and whether Viacom board members have been putting Redstone’s financial interests ahead of the interests of all shareholders.

During a three-year period from 2012 to 2014, Redstone received $169 million in executive compensation at Viacom, according to the lawsuit filed by the shareholder, E.F. Greenberg.

Redstone holds nearly 80 percent of the voting shares of the New York media company –Viacom and CBS Corp– via his family investment vehicle, National Amusements.

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But the big boss has now round-the-clock nursing care and he still continued to draw his full salary. Amid his health complications the pay cut represents an 85 percent reduction compared with fiscal 2014, when Redstone received $13 million in salary.

According to the company release “Mr. Redstone’s salary was unchanged in fiscal 2015. He became ineligible to receive a bonus beginning in fiscal 2015, and has not been eligible to receive an annual equity award since fiscal 2012.”

According to the company release, Philippe Dauman received In fiscal 2015, a compensation package valued at about $37 million, which represented a 17 percent decline from Dauman’s 2014 compensation of $44.3 million.

the company added that last year, Dauman drew a $4 million salary, and his annual equity award was largely unchanged. His bonus dropped 30 percent to $14 million compared with $20 million in 2014.

READ MORE: Sumner Redstone

Viacom, CBS Sued Over ‘Loyalty’ To Sumner Redstone, January 20th, 2016

The suit, first reported by The Hollywood Reporter, states that Viacom CEO Philippe Dauman, CBS CEO Leslie Moonves and other top executives “put their personal loyalty to Mr. Redstone… More…

Viacom CEO Philippe Dauman to Be Subpoenaed; Sumner Redstone Reps Seek Dismissal in Health Care Lawsuit, January 5th, 2016

The legal battle over Sumner Redstone has taken two new directions — one expected, and one much less so. In a move promised last month, Attorneys for Sumner Redstone today filed a motion to dismiss More…

Sumner Redstone’s Ex-Girlfriend Alleges Forged Signature, Strange Voicemail From Him, December 14th, 2015

A former companion of 92-year-old Sumner Redstone, claimed in court Monday that his signature on a recent document had been forged. Manuela Herzer, Redstone’s companion, presented a declaration from More…

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Chairman of Viacom and CBS, 92-year-old Sumner Redstone, is a “living ghost” and subject to uncontrollable crying fits, according to a lawsuit filed Wednesday by former girlfriend Manuela Herzer. He More…

New Twist in Sumner Redstone Soap Opera: Daughter, Ex-Companion on Verge of Fight Over Mental Competency, November 4th, 2015

The mental competency of Sumner Redstone could be openly challenged as his longtime companion Manuela Herzer — who was ejected from Redstone’s life in October — might be set to square off against More…

VIDEO: Boardroom Drama at Viacom Inc. Amid Fear Over Sumner Redstone’s Health, October 8th, 2015

The 92-year-old Mr Redstone has overwhelming control of Viacom, with a voting stake of about 80 per cent. The company has said little on the subject of his health. Mr Redstone’s daughter, Shari Redstone, More…

In this article:Finance, Sumner Redstone, Viacom Inc., CBS corp

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