Viacom Extends Contract With CEO Philippe Dauman Through 2018

(RTTNews) - Media conglomerate Viacom Inc (VIA, VIAB) on Thursday said it has extended the employment agreement of President and Chief Executive Officer Philippe Dauman through the end of December 2018. The extension adds two years to Dauman's previous contract, which ran through December 2016.

Under the terms of the new agreement, Dauman's base salary will remain unchanged and he will continue to be eligible for performance-based compensation and equity awards.

Sumner Redstone, executive chairman and founder of Viacom, said, "Philippe has been my long-term partner in building Viacom into the global entertainment powerhouse that it is today. He has been an extraordinary CEO over more than eight years and his strategic vision and creative leadership have delivered consistently outstanding operational and financial results. I am delighted that Philippe has agreed to lead Viacom well into the future."

Dauman was named president and CEO of Viacom in September 2006 and has been a member of the company's board since 1987. Prior to becoming CEO, Dauman served in several positions at Viacom, including deputy chairman and executive vice president.

VIA is trading at $66.12, down $1.95 or 2.86%, on the Nasdaq.