Departing Viacom CEO Reaps $59.4 Million in 8-Day Stock Saleby
Dauman receives $75 million in severance after stepping down
Executive cut holdings to virtually zero after losing top job
Former Viacom Inc. Chief Executive Officer Philippe Dauman has sold almost all of his stock in the media company since resigning earlier this month, reaping $59.4 million in just eight days.
The former CEO sold shares in Viacom, the owner of MTV and Nickelodeon, on a daily basis last week and unloaded more Monday, according to filings. He is the non-executive chairman of the company for another couple weeks, and has eight days to update the board on his proposed sale of a stake in Paramount Pictures, the company’s movie studio.
Dauman, 62, was one of the highest-paid executives in media during his 10 years atop Viacom and is receiving at least $75 million in severance, including restricted stock and options that vest early. He resigned after a bruising public battle with the Redstone family, which owns a controlling stake in the company. Before joining Viacom, Dauman was a lawyer and consultant for Sumner Redstone, the 93-year-old patriarch.
Dauman continues to hold 999 Class B Viacom shares in his 401(k) plan, according to the filings. They show he sold about 1.43 million shares over the period.
The company’s Class B shares fell 0.3 percent to $40.74 at 9:51 a.m. in New York Wednesday. They have dropped about 6 percent since the settlement, though are down less than 1 percent this year through Tuesday.