By Meg James
4:14 PM PST, January 24, 2014
Although he rarely makes it into the office these days, Sumner Redstone continues to collect a handsome executive compensation package.
The 90-year-old controlling shareholder of Viacom Inc. received a package valued at $36.2 million in 2013 in his role as executive chairman of the New York cable television and movie company, according to a filing Friday with the Securities and Exchange Commission.
That represented a 50% increase over Redstone's 2012 Viacom compensation of $24.2 million. Redstone's base salary remained unchanged at $1.75 million. The big jump came as a result of an increase in the value of Redstone's stock option equivalents awarded in 2006.
Redstone's 2013 compensation package outdistanced that of Walt Disney Co. Chief Executive Bob Iger. The chief of the much larger Burbank entertainment conglomerate received compensation in 2013 valued at $34.3 million.
Redstone, who lives in Beverly Hills, and other top Viacom executives benefited from Viacom's soaring stock price. The company's common shares rose 59% in 2013.
Viacom's top executives have long been among the highest paid in corporate America. In 2013, the top three executives -- including Redstone -- were paid a combined $102 million in cash, stock and other incentives.
Philippe Dauman, 59, chief executive of Viacom, received a compensation package valued at $37.2 million for 2013, according to the filing. His compensation rose 11% from 2012.
Dauman collected a base salary of $3.5 million. He received stock worth more than $10 million, plus nearly $6 million in stock options. Dauman was also paid a cash bonus of $16.9 million.
Viacom's third-ranking executive, Thomas E. Dooley, 57, received a $29-million package last year. The chief operating officer was paid a base salary of $2.5 million. He also received $8.3 million in stock and a $13.4-million cash bonus.
Viacom's fiscal year ended Sept. 30.
Redstone also draws a salary for his role as executive chairman on CBS Corp., the broadcasting company he also controls. CBS has not yet released its compensation package for last year. In 2012, Redstone collected more than $31 million in his corporate role at CBS.
Copyright © 2014, Los Angeles Times