Viacom’s new interim CEO and president, Tom Dooley, is set to exit the company — yes, already. Additionally, the company has dropped its dividend payout and formally called off the search for a Paramount buyer, which the Redstone family was always against. Dooley will depart on Nov. 15, an attempt to maintain some semblance of stability in the extreme short term. He only technically replaced Philippe Dauman within the past few weeks.
Talks have accelerated to end the bitter boardroom dispute between Sumner and Shari Redstone and Viacom’s top officers, with CEO Philippe Dauman expected to leave with a generous exit package, according to three people close to the situation.
Smaller bonuses led to compensation decreases in fiscal 2012 for the top executives at Viacom Inc., who traditionally have been among the nation’s most richly paid. CEO Philippe Dauman took home $33.5 million in the year that ended Sept. 30, down 22% from the previous year. His No. 2, COO Tom Dooley, saw a 23% drop to $26.3 million. Compensation for Chairman Sumner Redstone, who holds the same title at CBS Corp., dropped 3% to $20.4 million.