Bob Bakish may be Viacom’s acting CEO for only a short period, but the long-time company executive has secured a long-term deal as CEO of the programmer’s newest unit – Viacom Global Entertainment Group – that could net him nearly $10 million per year over the next three years.
Bakish, who has been with Viacom since 1997 and most recently served as head of its international operations, agreed to become the company’s acting CEO, replacing Thomas Dooley effective Nov. 15. Also as part of that announcement, Bakish was named CEO of a new reorganized unit – Viacom Global Entertainment Group – which will include Viacom’s International Media Networks division and its Music and Entertainment Group, which houses MTV, Comedy Central, VH1, Spike, Logo, TV Land and CMT.
According to an 8-K statement filed with the SEC Tuesday, Bakish will serve as CEO of Global Entertainment through Oct. 30, 2019. According to the document, Bakish’s annual base salary will be $2.75 million and he will be eligible for an annual cash bonus with a target value of $3.5 million. Bakish also will be eligible to receive annual equity grants with a target value of $3.25 million.
As acting CEO, Bakish’s salary will be the greater of $2.5 million per year or $500,000 per month, pro-rated for partial months of service. That base compensation will be in addition to what he receives as CEO of the Global Entertainment Group. He will not be entitled to any bonus or equity compensation as acting CEO of Viacom and will serve in that role until a permanent CEO is named or upon completion of any business combination between Viacom and CBS. As reported, Viacom is currently evaluating a possible merger with its former corporate sister CBS.