Sumner Redstone, the 90-year-old controlling shareholder of Viacom who “rarely makes it into the office these days,” received a 50% pay increase from his 2012 compensation, reports Meg James on the Los Angeles Times’ Company Town blog.
Redstone’s 2013 pay package was valued at $36.2 million, the company said in a regulatory filing. In 2012, he received a package valued at $24.2 million. “The big jump came as a result of an increase in the value of Redstone’s stock option equivalents awarded in 2006,” the piece notes.
That makes his pay package bigger than that of Walt Disney Chief Executive Bob Iger, who was given 2013 compensation of $34.3 million.
“Viacom’s top executives have long been among the highest paid in corporate America," the story reports. "In 2013, the top three executives — including Redstone — were paid a combined $102 million in cash, stock and other incentives."
Viacom Chief Executive Philippe Dauman, 59, received $37.2 million in 2013 compensation, an increase of 11% from 2012. The company’s No. 3 executive, Thomas E. Dooley, 57, received $29 million last year, the story adds.