Media company Viacom's stock slipped last year -- but the company's chief executive, Philippe Dauman, saw his compensation soar 19% to $44 million.
Dauman, 60, received a $20-million bonus in fiscal 2014, even though the company's stock declined 9% during the year. Viacom's ratings at its key television networks -- MTV, Nickelodeon, BET and Comedy Central -- also fell.
The compensation information was contained in Viacom's proxy filed late Friday with the Securities and Exchange Commission. Viacom is controlled by billionaire Sumner Redstone.
Viacom's fiscal year ended in a bruising fashion with pay-TV operator Suddenlink Communications dropping Viacom channels from its lineup, in part because of their drooping ratings. Viacom's shares have fallen nearly 12% during this fiscal year, which began Oct. 1.
Nonetheless, Viacom notched financial milestones during the fiscal year with operating income increasing 5% to a record $4.13 billion. Viacom also generated $2.6 billion in free cash flow for the year.
Earnings per share rose 15% to a record $5.40, helped in part by the company's share buyback program.
Earlier this month, Viacom extended Dauman's CEO contract to run through December 2018. The previous agreement was set to expire in 2016.
During the 2014 fiscal year, Dauman received $3.9 million in base salary, $12.3 million in stock, $7.5 million in options and the $20-million bonus. His bonus was calculated based on several factors, including cash flow and operating income.
Viacom said that Dauman's equity compensation is based in part on an analysis of three years of stock performance -- not just one year.
In 2013, he was awarded a compensation package valued at $37.2 million.
Meanwhile, Redstone received compensation last year of $13.2 million -- a 63% decline from the $36.2 million that the 91-year-old mogul collected during the previous fiscal year.
His compensation declined because his pension value in 2013 was listed at $26 million with stock option equivalents that he received in 2006.
Redstone, Viacom's executive chairman, excercised those stock option equivalents during the last year, so they were no longer included as pension value.
Redstone receives a separate compensation package from broadcasting company CBS Corp., which he also controls.
Viacom's chief operating officer, Thomas Dooley, received $35 million in compensation last year -- a 21% increase from the $29 million in compensation that he collected during 2013.