ViacomCBS said that it has agreed to pay its outgoing executive VP and chief financial officer Christina Spade $700,000 while she serves as a financial advisor to the company from Aug. 10 through Dec. 1.
According to a Securities & Exchange Commission filing, during the advisory period, Spade target cash bonus will be 200% of her annual base salary and she will be eligible to receive her 2021 equity award by Dec. 1.
She is also entitled to severance compensation.
Earlier this month, ViacomCBS announced that Naveen Chopra, previously CFO of Amazon’s devices and services business, would join the company as executive VP and CFO, effective Aug. 10.
In May, ViacomCBS laid off 300 to 400 staffers, mainly former CBS employees, as part of a restructuring following the year-end merger of Viacom and CBS.
ViacomCBS has promised Wall Street the merger would produce $750 million in cost savings.
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