NEW YORK — Incoming Viacom exec VP and chief financial officer Michael Dolan, who will play a key role when the conglom splits in two, has secured a pay package for 2005 that includes a $1.5 million salary, a cash bonus at least that large and stock awards worth $3 million.

Dolan’s four-year contract took effect on Monday, when he arrived at Viacom in the exec VP slot, according to a filing late Tuesday with the Securities and Exchange Commission. He’ll assume the duties of CFO on May 11, when Richard Bressler exits.

But Dolan’s job probably won’t stay the same for long.

At a meeting Tuesday, the Viacom board continued discussing a plan to pump up shareholder value by spinning off Paramount Pictures and most cable nets into a new “growth” company.

Dolan, a veteran ad exec, would serve as CFO of that company, which doesn’t yet have a name, but will be led by Viacom co-prexy/co-chief operating officer Tom Freston.

Fred Reynolds, the one-time CFO of Viacom and CBS who now runs the conglom’s TV station group, has already been tapped to serve as CFO of the “value” company, which will be led by Viacom co-prexy/co-chief operating officer Leslie Moonves.

Moonves’ domain will include CBS and UPN plus radio stations, outdoor advertising, Showtime and Simon & Schuster.

The Viacom board didn’t take a vote Tuesday, although it’s on track to do so sometime this quarter.

According to the SEC filing outlining Dolan’s contract, he will receive a $1.25 million base salary and deferred salary of $250,000, to be paid next January.

He also is eligible for a cash bonus equal to at least 100% of his salary, in addition to the $3 million stock award grant. At least $900,000 of the stock award must come in the form of restricted shares.

Dolan will also receive a car allowance and insurance for one vehicle.

Bressler, who announced in January that he would be leaving the company, took home a $1.2 million salary last year, a $5.5 million bonus and 400,000 stock options valued at $7.4 million.

During Dolan’s tenure as chair-CEO of WPP’s Young & Rubicam, the firm showed dramatic financial improvement and completed a number of major transactions, including an IPO in 1998 and the company’s sale to the WPP Group in 2000.