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Viacom extends contract of president, CEO Philippe Dauman

MUMBAI: US media conglomerate Viacom has extended the employment agreement of president, CEO Philippe Dauman through 31 December 2018. The extension adds two years to Dauman’s previous contract, which ran through 31 December 2016.

Viacom executive chairman, founder Sumner M. Redstone said, “Philippe has been my long-term partner in building Viacom into the global entertainment powerhouse that it is today. 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.”

Viacom board of directors chair of the compensation committee Frederic V. Salerno said, “Under Philippe’s capable leadership, Viacom has excelled during a time of great change. He is an outstanding strategic and operational executive, and we are confident that he will continue to lead Viacom to new levels of success in the years to come.”

Under the terms of the new agreement, Dauman’s base salary will remain unchanged and he will continue to be eligible for performance-based compensation and equity awards.

Dauman was named Viacom president, CEO in September 2006 and has been a member of the company’s board of directors since 1987. Prior to becoming CEO, Dauman served in several positions at Viacom, including deputy chairman and executive VP. He is a director of National Amusements and Lafarge, a board member of the National Cable and Telecommunications Association, a member of the Academy of Motion Picture Arts and Sciences, and The Partnership for New York City co-chair.