Viacom Chief Executive Philippe Dauman has reserved his “legal right to resign ‘with good reason’ in a move to protect tens of millions of dollars in potential severance pay,” Reuters reports.
The story says that “According to regulatory filings made public on Monday, Dauman” sent a letter reserving “the right to resign if a judge issues a final order approving [National Amusement’s chairman Sumner] Redstone’s action last month to remove Dauman and four other directors from Viacom’s board.”
National Amusements owns Viacom.
According to his employment agreement, the story says, “Dauman could receive more than $90 million [in severance compensation], according to the company’s most recent proxy filing.”
Thomas Dooley, Viacom’s COO – who has not been asked by Redstone to leave the board – made a similar filing to the one Dauman did, the story notes.