LOS ANGELES (AP) — Viacom CEO Philippe Dauman's pay package fell 22 percent in fiscal 2012 to $33.4 million. The company cited audience declines at its TV networks and modest growth in operating income as reasons for the pay cut.
Viacom Inc. also decided not to raise Dauman's base salary because of the big pay boost he got for renewing his contract in 2010.
Executive Chairman Sumner Redstone, the company's 89-year-old founder and controlling shareholder, saw his pay package decline 3 percent to $20.4 million.
The figures come from documents Viacom filed Friday with the Securities and Exchange Commission.
The biggest decline in Dauman's compensation came from his performance bonus, which fell to $11.5 million from $20 million in 2011. The company said that for the performance-related portion of their pay, executives would receive about 87 percent of the target.
"Our fiscal year 2012 results reflected both the global economic slowdown and ratings challenges at several of our cable television networks," the company said in the filing.
Dauman, 58, saw no change in his $3.5 million salary from a year ago. His stock awards came to $12.1 million, down from $13.3 million a year earlier. His option award grants were flat at $6 million.