Viacom Promotes Dooley to Operating Chief, Extends Contract Through 2016
Dooley, 53, will oversee financial, legal, strategic planning, human resources, investor relations and communications, New York-based Viacom, the owner of MTV and Paramount Pictures, said today in a statement. A member of the board, Dooley continues to report to Dauman.
As chief operating officer, Dooley also will work with Dauman, 56, to set Viacom’s strategic and operational priorities, the company said. Divisional CEOs still report to Dauman. After Viacom and CBS Corp. split, Dooley was named chief administrative officer in 2006 and finance chief in 2007.
“It’s a logical transition,” David Joyce, an analyst at Miller Tabak & Co. in New York who recommends the stock, said in an e-mail. “He has been actively involved at a senior level for the better part of 14 years, so he knows the company and industry well.”
Dooley will serve as chief financial officer until a successor is found, Viacom said. His employment contract was extended to December 2016. It was set to expire in December 2011, the company said.
With the expiration looming, Viacom may have wanted to motivate him to make a longer commitment, said David Bank, an analyst at RBC Capital Markets in New York who has an “outperform” rating on the stock.
Projects With Dauman
Viacom awarded Dooley total compensation of $27 million last year, based on government reporting requirements. That included $2 million in salary, $10.2 million in stock awards and a bonus of $10 million, according to a regulatory filing.
From 2000 to 2006, Dooley was also co-chairman and co-CEO of DND Capital Partners LLC, a private equity firm specializing in media and telecommunications investments that he co-founded with Dauman, according to Viacom filings.
Dooley has held executive positions with Viacom going back to 1980, according to the company.
Viacom, controlled by Chairman Sumner Redstone, gained $1.53, or 4.7 percent, to $34.30 in New York Stock Exchange composite trading. The Class B shares have climbed 15 percent this year.