NEW YORK--(BUSINESS WIRE)--Viacom Inc. (NASDAQ:VIAB, VIA) today announced that it has extended the employment agreement of President and Chief Executive Officer Philippe Dauman through December 31, 2018. The extension adds two years to Dauman’s previous contract, which ran through December 31, 2016.
Sumner M. Redstone, Executive Chairman and Founder of Viacom, 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.”
Frederic V. Salerno, Chair of the Compensation Committee of the Viacom Board of Directors, 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 President and Chief Executive Officer of Viacom 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 Vice President. He is a director of National Amusements, Inc. and Lafarge S.A., a Board member of the National Cable and Telecommunications Association, a member of the Academy of Motion Picture Arts and Sciences, and Co-Chair of The Partnership for New York City.
Viacom is home to premier global media brands that create compelling television programs, motion pictures, short-form video, apps, games, consumer products, social media and other entertainment content for audiences in more than 165 countries and territories. Viacom’s media networks, including MTV, VH1, CMT, Logo, BET, CENTRIC, Nickelodeon, Nick Jr., TeenNick, Nicktoons, Nick at Nite, Comedy Central, TV Land, SPIKE, Channel 5 (UK), Tr3s, Paramount Channel and VIVA, reach approximately 700 million television subscribers worldwide. Paramount Pictures, America’s oldest film studio, is a major global producer and distributor of filmed entertainment.