Viacom Says Redstone’s Pay Reduced in Fiscal 2015; Pay Rise for CEO, Philippe Dauman
Viacom Inc. recently faced criticism and shareholders wrath due to the huge compensations made to its ninety two year old Executive Chairman, Sumner Redstone.
On Friday, the company said that it has trimmed the total pay of Redstone by eighty five percent to $2 million in 2015 for his "reduced responsibilities". The company also said in a securities filing, that it increased the pay of Philippe Dauman, Viacom's Chief Executive.
Viacom said, the total compensation of Dauman was $54.2 million for fiscal 2015 that ended on September 30. That's a climb from 2014's $44.3 million. Shares of the media company dropped forty four percent during that stretch of time.
Viacom's networks include Comedy Central, MTV and Nickelodeon which have faced several ratings challenges, and anxieties of cord-cutting by their cable TV consumers. Adding to these worries, health concerns of Redstone and his fitness to supervise the company's operations have grabbed further attention from the investors.
Although the filing by the company said that a reduction in Redstone's compensations were a result of reduced responsibilities, but a company spokesperson could not mention how the responsibilities were reduced, saying he did not have further details regarding the issue.
New Zealand News
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