No More Salary for Redstone

By on May, 19 2016 with Comments 0

Sumner RedstoneViacom’s board has decided the company will stop paying a salary to founder Sumner Redstone.

He turns 93 this week. The action comes nearly two weeks after Redstone tried to answer basic questions in a video deposition in a trial to determine his mental competency.

The ailing company founder made $2 million in salary in 2015, reports the Los Angeles Times. His compensation package had already been reduced to reflect he’s not involved in daily company operations anymore, we’ve reported.

At Wednesday meeting, the board also decided to pay shareholders a 40 cent quarterly dividend.

About The Author: Leslie Stimson has been a reporter for 35+ years, starting in radio news. She’s spent the last 20 years reporting for radio trades.

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