Viacom Chief's Total Pay Rose With $17 Million Contract Renewalby
Viacom Inc. paid Chief Executive Officer Philippe Dauman $54.2 million in salary, bonuses and benefits in fiscal 2015, including a $17 million payment that wasn’t mentioned in a company press release this week.
The additional amount was for a contract renewal, New York-based Viacom said Friday in a regulatory filing. The signing bonus of 300,000 stock units was first disclosed in last year’s proxy statement, filed on Jan. 23, 2015. The amount vests over three years, Viacom said.
“The previously-disclosed discrete equity award associated with the extension of his employment agreement is presented as a lump sum in our proxy, but will not vest to Mr. Dauman until 2017, 2018 and 2019 and the ultimate value of the award will depend on the stock price at vesting,” Viacom said in an e-mail.
The additional payment means Dauman’s total compensation, based on regulatory reporting requirements, increased from $44.3 million a year earlier.
Viacom said Friday Dauman’s “total annual compensation decreased” because the contract renewal doesn’t vest all at once.