Dauman to get $2 mil, Dooley $1.6 mil in base salaries
Viacom will pay new CEO Philippe Dauman an annual salary of $2 million, a target bonus of $7 million — which could rise to twice that — and $12 million in stock options.Tom Dooley, Dauman’s No. 2 and Viacom’s new chief administrative officer, gets $1.6 million in salary, a $5.6 million bonus and a package of stock options worth $9.6 million, according to a filing late Thursday with the Securities and Exchange Commission. Dauman’s contract runs through December 2011. Details came several days after Viacom chairman Sumner Redstone sacked Viacom chief Tom Freston and rehired his own longtime advisers and former company execs to run the show. Dauman and Dooley will constitute a two-member Office of the President that will “supervise and review operations, planning and strategy for Viacom and its subsidiaries,” the filing said. Dauman and Dooley will both receive a pro-rated portion of their target bonus this year. That payment won’t be based on performance objectives. Starting next year, Dauman and Dooley can receive annual long-term incentive awards with target values of, respectively, $12 million and $9.6 million. Dauman has agreed to invest at least $5 million to buy Viacom shares in the next three months. Viacom will give him so-called restricted share units on a two-for-one basis for each share he buys, up to $5 million. The company will do the same for Dooley, who has committed to buy $4 million in shares.