Viacom President and Chief Executive Officer Philippe Dauman has extended his contract with the company through Dec 31, 2018, it was announced Thursday.
“Philippe has been my long-term partner in building Viacom into the global entertainment powerhouse that it is today,” said Sumner M. Redstone, Executive Chairman and Founder of Viacom.
Dauman has been President and Chief Executive Officer of Viacom since September 2006.
Below is the press release announcing his contract extension:
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.