Viacom CEO Phillipe Dauman’s Fiscal Year Compensation More Than Doubles
Controlling shareholder Sumner Redstone’s pay, meanwhile, declined slightly for the shortened fiscal year.
NEW YORK – Viacom CEO Philippe Dauman and COO Tom Dooley saw their compensation more than double even though the company's 2010 fiscal year was only nine months long due to a change in its financial reporting calendar.
Viacom previously announced that its fiscal year will now start in October.
Their gains were partly due to one-time stock and options awards as part of new long-term employment contracts that the top executives signed last year.
Meanwhile, Viacom executive chairman and controlling shareholder Sumner Redstone received slightly lower compensation than in 2009.
Viacom reported the compensation details in a regulatory filing late Friday. The company’s stock and financials rose last fiscal year.
Dauman received compensation for the nine months ended Sept. 30 that was valued at $84.5 million, compared to $34 million for all of 2009, according to the filing. One-time stock and options awards amounted to $54.3 million of that amount. Excluding the one-time awards, he would have made $30.2 million.
Dooley, who was promoted from CFO to COO last year, got compensation worth $64.7 million, compared to the $27 million he received in 2009. Excluding $40.9 million in one-time awards, he received $23.8 million worth of compensation.
Redstone received compensation for the nine-months fiscal year ended in September valued at $15 million, slightly below the $16.9 million he received for the full year 2009.
The base salaries for Redstone and Dauman rose – from $1.25 million to $1.31 million and from $2.50 million to $2.63 million, respectively – while Dooley’s declined amid the shortened fiscal year from $2 million to $1.88 million.
All three received lower cash bonus payments. Redstone’s went from $6.27 million to $5.63 million, Dauman’s from $12.54 million to $11.25 million, and Dooley’s from $10.03 million to $8.91 million.
Friday’s regulatory filing also showed that Redstone's daughter Shari made $252,625 in fiscal year 2010 for serving on Viacom’s board. She is vice chair.
Viacom also said that at its next annual meeting, shareholders will get to vote on the adoption, purely on an advisory basis, of a resolution that would let shareholders approve compensation of key executives. An increasing number of U.S. corporations have voted on such resolutions.