Lawsuit Claims Viacom Is Paying Sumner Redstone Too Much LA Times
A lawsuit against Viacom claims the company is paying too much to compensate Executive Chairman Sumner Redstone, as well as President and CEO Philippe Dauman and Chief Operating Officer Thomas Dooley, reports the Los Angeles Times.
Robert Freedman, a shareholder since 2005, alleges in the lawsuit that the three executives' pay was inflated due to vague bonus criteria such as "vision and leadership," the story says.
The lawsuit claims that Redstone, Dauman and Dooley were overpaid by $36.6 million from 2008 to 2011.
Dauman was the highest-paid executive in corporate America in 2010, the piece reports, working nine months and receiving a compensation package reportedly worth $84.5 million.
In a statement, Viacom said: “The plaintiff’s complaint is filled with inaccuracies, and completely fails to make a valid claim for a variety of substantive and procedural reasons. We are confident that Viacom’s compensation practices are fully compliant with the law, and consistent with our 2007 plan.”