Redstone’s Compensation Slashed
Viacom reports its executive compensation for the 2015 fiscal year will show chairman Summer Redstone’s package was cut 85%, from $13.2 million to $2 million due to reduced responsibilities.
His salary is unchanged, however the ailing 92-year-old’s competence is being challenged in several court cases.
In contrast, CEO Philippe Dauman’s package is about $36.9 million with a 30% cut in his bonus to $14 million, in addition to $4 million in salary and an annual equity award valued at $18.9 million. He made $44.3 million in 2014, reported Dateline Hollywood.
The company says its proxy statement will show Redstone “became ineligible to receive a bonus beginning in fiscal 2015 and has not been eligible to receive an annual equity award since fiscal 2012.”
Viacom’s share price declined 42.5% in the fiscal year that ended in September after factoring in dividends.
The company plans to release its full annual proxy statement on Friday.