Viacom President and CEO Philippe Dauman has received a five-year extension on his employment contract that will go through the end of 2016.
The media conglomerate made the announcement Thursday, noting that Dauman will also continue to serve as a member of the board.
Dauman was named president and CEO in September 2006 and his previous agreement was set to expire in December 2011.
Viacom’s board cited Dauman’s “strong operational and financial leadership” and noted that in 2009, Viacom increased its operating free cash flow, expanded its operating margins and restructured and strengthened its debt profile. It also said Viacom shares have been among the best performing large media company stocks since the beginning of January 2009.
“Philippe is a great leader who has demonstrated an extraordinary and consistent ability to deliver results for all Viacom shareholders,” said Viacom Executive Chairman Sumner Redstone in a statement. “Philippe has strengthened Viacom’s iconic entertainment brands, increased efficiency in every area, profitably extended our world-wide footprint, and forged significant long-term agreements with distribution and other partners. Most important, he has revived our creative spirit and our focus on innovative and distinctive content.”
Viacom said the vast majority of Dauman’s compensation continues to be in the form of performance-based awards but didn’t disclose terms of the employment agreement.
Dauman has been on the Viacom board of Directors since 1987.