Philippe Dauman had a good 2013, and this year should be even better with a pay raise that became effective on January 1, Viacom says in its proxy just filed at the SEC. Most shareholders likely won’t complain: Viacom stock appreciated nearly 56% in the fiscal year that ended in September. His package consisted of: $3.5M in salary, $9.1M in annual stock awards, $1.3M in one-time stock awards, $6.0M in option awards, $16.9M in non-equity incentives, and $407,403 in other compensation. His perquisites included $370,430 for personal use of the Viacom aircraft, and $16,303 for a car service. Beginning in 2014, his salary was raised to $4M. As of last October 1 his target bonus was increased to $15M. The board noted that Viacom’s “fiscal year 2013 results were solid, with our fourth quarter adjusted operating income and adjusted diluted earnings per share reaching record levels. In particular, our strategic focus on content allowed us to return ratings momentum, particularly at our flagship networks Nickelodeon and MTV.” It specifically cited Dauman and COO Thomas Dooley for directing the company’s “significant investment in content creation, concluding favorable affiliation arrangements in both traditional and digital distribution, driving ad sales, strengthening our international operations and focusing our motion picture operations, in each case while maintaining cost discipline and enhancing our operating leverage.” Executive Chairman Sumner Redstone landed the biggest raise in 2013: His compensation was up 77.3% to $36.2M including $26M attributed to the change in the value of his pension. Shareholders will have an opportunity to express their opinion about the packages in an advisory vote at the annual meeting, scheduled for March 17 at Paramount Pictures in Hollywood. Outside shareholders didn’t submit any resolutions for the gathering.
By DAVID LIEBERMAN, Financial Editor | Friday January 24, 2014 @ 5:06pm EST
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