Philippe Dauman, the CEO of Viacom, which, just like CBS Corp., is controlled by Sumner Redstone, received a compensation package worth $33.5 million for the company's fiscal year ended Sept. 30. That was a decline of 22 percent, but still allowed him to stay ahead of many of his peers.
Viacom chief Philippe Dauman‘s compensation was up 11 percent in 2013, according to a security filing.
He took home $37.17 million in 2013, compared to $33.45 million the previous year.
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He wasn’t the only one raking it in at Viacom.
Viacom executive chairman Sumner Redstone earned nearly $36.2 million this past year, up 77 percent from $20.4 million the previous year.
Both Dauman and Redstone benefited from big increases in non-equity incentive plan compensation. Redstone also benefited from the valuation of his deferred compensation earnings. In 2006, he converted the cash balance of his deferred salary compensation into stock option equivalents. Thanks to the increase in Viacom’s stock, the value of those instruments has increased by almost $26 million. Redstone along with National Amusements Inc. control almost 80 percent of Class A common stock.
Dauman’s base salary is still $3.5 million a year, but the executive also earns $10 million in stock awards, $6 million in option awards and nearly $17 million in non-equity incentive plan comp. In 2014, Dauman’s base salary is scheduled to rise to $4 million and he’s also due about $3 million more in target annual bonuses.
In 2013, Viacom COO Thomas Dooley took home $29 million, up about $3 million from the previous year. Viacom GC Michael Fricklas‘s total compensation was relatively unchanged at $6.9 million. CFO Wade Davis, new to the position, earned $4.3 million.
According to Viacom’s security filing, “Our fiscal year 2013 results were solid, with our fourth quarter adjusted operating income and adjusted diluted earnings per share reaching record levels. In particular, our strategic focus on content allowed us to return ratings momentum, particularly at our flagship networks Nickelodeon and MTV.”
