Viacom has extended CEO Philippe Dauman’s employment contract another two years, through Dec. 31, 2018. Dauman’s existing deal was scheduled to expire in 2016.
The move is not unexpected. Dauman was named CEO in 2006 after a period of turmoil at the top ranks when former CEO Tom Freston was let go. Dauman has been a long-time adviser and confidant of Viacom’s executive chairman and founder Sumner Redstone, helping the former movie theater magnate acquire the company in 1987.
“Philippe has been my long-term partner in building Viacom into the global entertainment powerhouse that it is today,” Redstone said in a statement. “He has been an extraordinary CEO over more than eight years and his strategic vision and creative leadership have delivered consistently outstanding operational and financial results. I am delighted that Philippe has agreed to lead Viacom well into the future.”
Under the terms of the new agreement, Dauman’s base salary will remain unchanged and he will continue to be eligible for performance-based compensation and equity awards.
Dauman is one of the highest paid media executives in the country – he received $37.2 million in total compensation in fiscal 2013.
“Under Philippe’s capable leadership, Viacom has excelled during a time of great change,” said chair of the compensation committee of Viacom’s board of directors Fredric Salerno in a statement. “He is an outstanding strategic and operational executive, and we are confident that he will continue to lead Viacom to new levels of success in the years to come.”
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