Sumner Redstone won’t have a vote on Viacom’s board of directors following February’s annual meeting, the company announced Friday. He’ll continue on as company chairman emeritus, however.
“Mr. Redstone will continue to participate in meetings of the Board in a non-voting role,” a company filing read.
The ailing 93-year-old media mogul had been casting a “yay” or “nay” up until now.
As also covered in the SEC proxy statement, Redstone’s former protege Philippe Dauman made $93 million in fiscal 2016. Of course, a giant chunk of that was his parting gift — a golden parachute after being shown the door.
Thomas Dooley, who (very) temporarily replaced Dauman as president and chief executive officer, made $27.9 million this year. Bob Bakish is now Viacom’s president and CEO. Let’s hope it works out better for him than the other guys.
Dauman was Redstone’s right-hand man for years, until a recent (and very public) falling out. The two — along with Sumner’s daughter Shari Redstone — have been battling for power in the court system and through the media. The Redstones ultimately won.