Viacom Chairman Sumner Redstone celebrated his 90th birthday on Monday, just as the company’s stock hit an all-time high last week and its board voted to raise the cash dividend, reports the Los Angeles Times.
That dividend boost will give Redstone an additional $3.7 million per year in extra income, the story adds. The company raised the dividend to 30 cents a share, up from 27.5 cents. With Redstone’s 40 million shares, that means his quarterly dividend payments will now total $48 million in cash over the course of a year.
That’s above Redstone’s compensation, with Viacom paying him $20.4 million last year in salary, bonus and stock benefits.