Viacom in a regulatory filing on Wednesday detailed the compensation for new permanent CEO Bob Bakish.
The Redstone family’s National Amusements, through which it controls about 80 percent of the voting shares of Viacom, in mid-December said it asked the company and CBS Corp., which it also controls, to stop looking at a recombination. Bakish later that day was elevated from acting CEO to permanent CEO.
The former Viacom International Media Networks CEO’s new pay package for the CEO role was detailed in a regulatory filing that cited a three-year contract period through the end of 2019. It listed a base salary of $3 million, as well as a target bonus of $7 million tied to performance goals. In addition, he will receive equity compensation grants with a target value of $10 million.
On Dec. 16, Viacom said in a regulatory filing that chairman emeritus and controlling shareholder Sumner Redstone will leave the company’s board as of its annual shareholder meeting in February. The filing also mentioned that Bakish’s compensation for his role as acting CEO would have been up to $12 million.
His annual salary for that post amounted to $2.5 million, plus $2.75 million for his other role as CEO of Viacom’s Global Entertainment Group. He was also eligible for a cash bonus of up to $3.5 million for that latter role. In November, when he was named acting CEO, Bakish also got stock grants valued at $3.25 million.
Bakish is working on a plan to reinvigorate Viacom and its performance with a focus on Paramount Pictures, MTV in the U.S. and relationships with TV distributors in the U.S.
Earlier on Wednesday, David Lynn was named new CEO of Viacom International Media Networks.