Viacom Extends COO Thomas Dooley's Contract Through 2018

Viacom Signage - H 2016
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Viacom Signage - H 2016

His previous contract was set to end in December of this year.

Viacom has extended COO Thomas Dooley's contract to run through Dec. 31, 2018, it was announced Thursday.

His previous employment agreement was set to end on Dec. 31 of this year.

Dooley has been CEO Philippe Dauman's right-hand man.

Dooley is liked on Wall Street, and shareholders gave his reelection to the company's board more support than any other board member at the conglomerate's annual meeting in Miami on Monday. Some observers had wondered if he may be on his way out, as many media companies these days extend employment contracts more than a year before their expiration. The contract extension comes as many Wall Street analysts continue to be skeptic about the outlook for Viacom's stock, which is down 40 percent over the past year.

Dauman's employment contract was extended through the end of 2018 in early 2015.

"Tom is an outstanding executive with a history of remarkable accomplishment at Viacom," Dauman said in a statement. "He has done an excellent job in helping to reorient Viacom's operations to succeed in the changing media environment, spearheading the creation of the industry's best-in-class data-focused advertising products and driving effectiveness and efficiency throughout the company. His continued leadership by my side will be a key factor in Viacom's success in the years ahead."

Dooley was named COO of Viacom in 2010 and has served on its board since 2006. Prior to becoming COO, Dooley was chief administrative officer since 2006 and added the title of CFO in 2007. Previously, Dooley was deputy chairman of the former Viacom, the predecessor of the current company. He first joined Viacom in 1980.