Viacom's (VIA) Board Announces Reduction in Sumner M. Redstone's Pay
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The Board of Directors of Viacom Inc. (NYSE: VIA) (NYSE: VIA.B) has entered into a revised employment agreement with Sumner M. Redstone, its Executive Chairman. The agreement reduces cash salary and bonuses effective January 1, 2007 and immediately directly links the majority of Mr. Redstone's compensation to superior shareholder returns.
Under the terms of the new agreement, beginning in 2007, Mr. Redstone's salary will be reduced to $1 million per year (from current $1.75 million), and deferred compensation, presently $1.3 million per year, will be eliminated. His target cash bonus under Viacom's short-term incentive plan will be reduced from $6.1 million to $3.5 million per year.
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