Viacom's Sumner Redstone & Philippe Dauman see compensation cuts in 2015

MUMBAI: Viacom Inc executive chairman Sumner Redstone received an almost 85 per cent cut in his pay for the 2015 fiscal in the light of his ailing health.

Redstone, who is 92 years old, was paid $2 million in salary in Viacom's 2015 fiscal year, according to a company filing Wednesday with the Securities and Exchange Commission. In comparison, he was paid $13 million in salary, bonuses and other perks in 2014.

As was reported earlier by, a shareholder has filed a lawsuit in which it was alleged that Redstone was incapable of continuing to run the company.

On the other hand, Viacom CEO Philippe Dauman also saw a cut in his pay. In 2015, he received compensation of approximately $36.9 million, which was 17 per cent lower from his 2014 compensation of $44.3 million. On the other hand, Dauman drew a $4 million salary last year. His bonus dropped 30 per cent to $14 million as compared to $20 million in 2014.

In a statement to explain the drop in compensation, Viacom said, “Mr. Redstone’s salary was unchanged in fiscal 2015. He became ineligible to receive a bonus beginning in fiscal 2015, and has not been eligible to receive an annual equity award since fiscal 2012.”

However, the company did not give any specific reasons for the cut in pay and compensation.

While Redstone is Viacom’s controlling shareholder, he holds about 80 per cent voting shares of Viacom and CBS Corp through his family investment vehicle - National Amusements.

According to the lawsuit filed in Delaware by Viacom shareholder E.F. Greenberg, Redstone received $169 million in executive compensation for his role at Viacom from 2012 to 2014. In addition, he also receives compensation for his role as CBS executive chairman.

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