Dauman Dumps More Viacom Shares

Former CEO sells stock worth $31 million
Author:
Publish date:
PhillipeDaumanRESIZED.jpg

As the date where he will officially become Viacom’s former executive chairman draws near, Philippe Dauman continued to fill his pockets with stock-fueled lucre, selling nearly 750,000 of the programmer’s shares for about $31 million.

This is the third big sale of Viacom stock by Dauman this month. According to SEC documents Dauman sold about 166,000 Viacom shares on Aug. 24 and Aug. 25 for $10.6 million, and shed another 427,000 shares on Aug. 22 and Aug.23 for $17.8 million. With the most recent sales, Dauman has shed Viacom stock worth nearly $60 million in the past few weeks. 

Dauman agreed to step down as Viacom CEO on Aug. 21, after a brutal battle with his former friend, mentor and the company’s controlling shareholder Sumner Redstone. As part of the agreement, Dauman gets to stay as Viacom’s executive chairman until Sept. 13 and will receive a $72 million exit package. Former chief operating officer Tom Dooley was named interim CEO in his place, a role he will fill until Sept. 30, as a permanent replacement is sought. Dooley is in the running for the permanent CEO spot as well.

According to documents filed with the Securities and Exchange Commission, Dauman sold 270,497 shares of Viacom stock on Aug. 26 and 478,784 Aug. 29. At that price, the stock was worth $31 million.

Related