Viacom said Friday that it has extended the employment deal of executive vice president and chief financial officer Wade Davis four years to 2018.
Davis, whose previous deal was set to expire this year, will receive an annual base salary boost to $1.35 million from $1.25 million and target annual cash bonus under the company’s Executive short-term incentive plan was raised to $2 million from $1.55 million. Davis also is eligible to receive annual grants of equity compensation with a target value of $1.65 million (up from $1.2 million previously). Davis also will receive life insurance coverage valued at $5 million. Under the new deal Davis will be eligible for total compensation of about $5 million, a 16% increase over the $4.3 million in total compensation he received in fiscal 2013.
Davis joined Viacom in 2005 as senior vice president, mergers & acquisitions and steadily moved up the corporate ladder, promoted to senior vice president of strategy, mergers & acquisitions in 2007 and was named executive vice president, strategy & corporate development in 2009 before being tapped as CFO of the company in 2012. Prior to joining Viacom, Mr. Davis was an investment banker in the technology and media sectors for more than a decade.