After an acrimonious split earlier this year with Viacom, former CEO Philippe Dauman is cashing out with more than $93 million in total compensation for 2016.
According to an SEC filing, more than $58 million of Dauman’s payday falls under “other compensation,” almost all of which is in the form of separation payments.
Dauman officially left Viacom in August after a lengthy fight with National Amusement’s Sumner Redstone, the controlling shareholder of the programmer.
Last May, Dauman filed a complaint with the Commonwealth of Massachusetts Probate and Family Court to dispute his ouster from a family trust by Redstone. Dauman alleged that an incapacitated 92-year-old Redstone was being manipulated by his daughter, Shari Redstone.
"Shari Redstone is attempting to illegally hijack her father's well-established estate plan," Dauman said in a statement at the time. "We will continue to have great respect and affection for Mr. Redstone, but he is clearly being manipulated by his daughter, Shari."
In addition to the lucrative golden parachute, Dauman takes home his $3.6 million salary, nearly $14 million in stock awards, $7.5 million in option awards and nearly $10 million in incentive plan compensation.
In the wake of Dauman’s departure, Viacom has found a new permanent CEO in Bob Bakish. The company has placed its faith in Bakish’s vision for an independent future, enough so that National Amusements, which also owns a controlling stake in CBS, last week called off a potential remerger with CBS.
“Over the past few months, after careful assessment and meetings with the leadership of both companies, we have concluded that this is not the right time to merge the companies,” wrote Redstone. “Following the management changes that the Viacom Board put in place, we have been very impressed with the forward‐looking thinking and strategic plan being pursued under Bob Bakish’s leadership. We know Viacom has tremendous assets that are currently undervalued, and we are confident that with this new strong management team, the value of these assets can be unleashed. At the same time, CBS continues to perform exceptionally well under Les Moonves, and we have every reason to believe that momentum will continue on a stand‐alone basis.”