Report: COO Tom Dooley Would Get $63 Million If Not Offered Viacom CEO Post If Dauman Fired
June 10, 2016 at 4:04 AM (PT)
If PHILIPPE DAUMAN is fired from his post as CEO of VIACOM, COO TOM DOOLEY stands to make about $63 million in compensation from a "golden parachute" deal if he is not offered DAUMAN's job, reports BLOOMBERG.
The amount, which would be triggered if he is not given the option of succeeding DAUMAN, represents three years' salary and is included in a "good reason" clause in his contract that would also include bonuses, benefits, and stock and option awards. DOOLEY's contract was renewed earlier this year through the end of 2018.
The report also notes that if DAUMAN, who is presently embroiled in a battle with controlling shareholder and former Chairman SUMNER REDSTONE's daughter and VIACOM Vice Chair SHARI REDSTONE over his ouster from the trust set up to handle SUMNER's affairs when and if he is incapacitated or dies, is fired, he will get almost $83 million in severance.
At REDSTONE's other company, CBS CORPORATION, Chairman/CEO LES MOONVES has a "good reason" severance package option that would amount to about $150 million and COO JOE IANNELLO has one for about $50 million, BLOOMBERG reports, although neither MOONVES or IANNELLO is in the same conflict with the REDSTONE family and trust as DAUMAN.