Viacom has extended the contract of president-CEO Philippe Dauman by two years, keeping him at the helm of the conglom through the end of 2018.
The extension for Dauman comes at a time when there’s much speculation about the future of Sumner Redstone’s media empire. Redstone, 91, is the controlling shareholder of Viacom and CBS Corp. CBS chief Leslie Moonves set a deal last month to extend his prexy-CEO contract through June 2019.
“Philippe has been my long-term partner in building Viacom into the global entertainment powerhouse that it is today,” Redstone said. “He has been an extraordinary CEO over more than eight years, and his strategic vision and creative leadership have delivered consistently outstanding operational and financial results. I am delighted that Philippe has agreed to lead Viacom well into the future.”
Dauman has been a member of Viacom’s board since 1987. He was named CEO in 2006, after CBS and Viacom were split into separate entities (the two were merged in 2000). Dauman is Redstone’s longtime lawyer and is believed to be an executor of the Redstone trusts that hold the mogul’s Viacom and CBS shares.
Viacom said Dauman’s base salary of $3.5 million would remain the same under the two-year extension and that he would still be eligible for performance-based bonuses. During the past few months Dauman has sold a considerable number of shares valued at $87.4 million.