Ousted Viacom CEO Philippe Dauman Awarded $12.9M in Stock
The departing executive will continue as non-executive chairman until Sept. 13.
Philippe Dauman, the former CEO of Viacom, on Friday acquired 300,000 shares of the company he had run for a decade, an acceleration of stock he was owed as part of his separation agreement, according to a regulatory filing on Monday.
The stock was worth nearly $12.9 million on Friday, but the departing executive is set to ultimately receive in excess of $72 million as a result of him leaving Viacom after a bitter feud with chairman emeritus Sumner Redstone.
Viacom also said in the filing that 167,460 of the 300,000 "performance restricted share units" awarded to Dauman were withheld to satisfy his tax liability, presumably, then in the neighborhood of $7.2 million.
The conglomerate said in its filing on Monday that the transactions are a result of "the executive's employment agreement and in connection with his separation from Viacom."
The filing also says that Dauman owns an additional 1.43 million shares, which are worth nearly $60 million at Monday's closing price of $41.74.
After a months-long battle with Redstone and his allies, including his daughter Shari, also a Viacom board member, Dauman stepped down Saturday as CEO and will remain non-executive chairman until Sep. 13.
The settlement included the appointment of Thomas Dooley as interim CEO and several new board members.