Finance

Viacom CEO Dauman’s Pay Grew 11% in 2013

Founder Redstone's Total Compensation Soared 77% 1/24/2014 5:54 PM Eastern

 

In a year in which Viacom and its stock recovered from ratings and revenue declines, CEO Philippe Dauman saw his total compensation for 2013 rise 11%.

Executive chairman and founder Sumner Redstone’s total compensation also rose 77% to $37.2 million.

Dauman earned a salary of $3.5 million and received stock awards of $10.4 million, plus option awards of $6 million, little changed from 2012. His non-equity incentive plan compensation rose to $16.9 million from $11.5 million the year before.

Viacom’s compensation committee decided to increase salaries and bonuses for 2014.

Dauman’s annual base salary was increased to $4 million from $3.5 million, effective Jan. 1, 2014, and his target annual bonus was increased to $15 million from $12 million, effective October 1, 2013. The target value of his annual equity award, was increased to $15 million from $12 million.

Redstone’s annual base salary was increased to $2 million from $1.75 million, effective Jan. 1, 2014, and his target annual bonus was increased to $7.5 million from $6 million, effective Oct. 1, 2013.

Tom Dooley, senior executive vice president and COO, and Wade Davis, executive vice president and CFO, also received raises.

The company said the raises were the first since 2010.

September