Viacom Lifts Barge To CFO10/01/2010 11:04 AM Eastern
Viacom's new chief financial officer James Barge will receive a 23% pay boost when he assumes his new position Oct.1, according to documents filed with the Securities and Exchange Commission Thursday.
Barge, who has served as Viacom's executive vice president, tax and treasury since January 2008 and as controller of the company since March of that year, was promoted to CFO on Sept. 30. Also on that day, Viacom announced that it had appointed Katherine Gill-Charest as senior vice president and controller, effective Oct. 1.
Barge will replace Tom Dooley, who will remain chief operating officer of Viacom. Barge will continue to report to Dooley.
"Jimmy brings an abundance of media industry insight, financial acumen and strong leadership to Viacom's financial operations," Dooley said in a statement. "He has worked closely with me over the past several years to develop and execute plans to significantly strengthen the company's financial position. At the same time, Jimmy has continued to develop outstanding talent throughout our finance organization. His strong capabilities and our proven track record will help us to build on this progress."
Dooley added that the promotion of Gill-Charest ia an example of Viacom's "bench-strength."
"She is an accomplished finance executive with proven technical expertise as well as a broad understanding of the media business," Dooley added in the statement. "Kathy has greatly improved the efficiency of our financial reporting processes and I look forward to the many contributions to Viacom's success that she and Jimmy will make in the future."
According to documents filed with the SEC, Viacom entered into a new three-year employment agreement with Barge on Sept. 29. As a result, Barge's annual salary will increase about 23% to $950,000 from $772,500 and his potential annual cash bonus award will rise from 60% of his base salary to 100%, based on his achieving certain performance goals. Barge also is eligible to receive annual equity grants with a target value of $800,000, up from $750,000 previously.
Prior to joining Viacom in 2008, Barge had served as senior vice president and controller of Time Warner Inc.