Viacom CEO Bob Bakish's Annual Pay Hits $20.3M
He was named acting CEO — effective Nov. 15, 2016 — before becoming permanent CEO in December 2016.
Viacom said in a regulatory filing Friday that Bob Bakish received compensation worth $20.3 million in the latest fiscal year — his first as CEO since being promoted from head of the company's international TV networks business.
Bakish was named acting CEO of Viacom — effective Nov. 15, 2016 — which was after the latest fiscal year started in October 2016.
The CEO earned a base salary of $2.8 million, and the rest came in stock, options and other forms of compensation.
The Redstone family's National Amusements, through which it controls about 80 percent of the voting shares of Viacom, in mid-December 2016 said it asked the company and CBS Corp., which it also controls, to stop looking at a possible recombination. Bakish later that day was elevated from acting CEO to permanent CEO.
Vice chair Shari Redstone, who is understood to have recently restarted talks of a possible combination of the two companies, was compensated with $374,981. Viacom chairman emeritus and controlling shareholder Sumner Redstone was not compensated by Viacom in the fiscal year.
Former Viacom International Media Networks CEO Bakish's new pay package for the CEO role was previously detailed as including a base salary of $3 million, a target bonus of $7 million tied to performance goals and equity compensation grants with a target value of $10 million.
Bakish recently said his work over the last year or so has stabilized Viacom's business and its performance, with his eye now on growth.
Viacom shares trade lower today than they did a year ago, but most top executives saw their compensation rise: Thomas Dooley, the former president and CEO, was paid $53.6 million, up from $27.9 million; CFO Wade Davis made $6.5 million, up from $5.4 million; and chief administration officer Scott Mills also earned $6.5 million, up from $5.4 million.
Executive vp global government affairs Doretha Lea was paid $2.3 million, up from $2.1 million; Michael Fricklas, former executive vp general counsel and secretary, made $3.8 million, down from $5.9 million; and Christa D'Alimonte made $2.4 million in her new role as executive vp, general counsel and secretary.
Both Fricklas and Dooley were paid consistent with the "termination without cause" provisions of their contract, according to the regulatory filing Friday.