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Sumner Redstone: Executives
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Combining the two salaries, Redstone' compensation rose 46 percent in 2006 to about $19 million, from $13 million in 2005 when the two companies existed under the Viacom umbrella. Philippe Dauman, who joined Viacom as chief executive last year, was paid $24.8 million in salary, bonus and other compensation, much of it through stock grants. Excluding stock and grants, Dauman's salary and bonus was $2.69 million.
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You may think Sumner Redstone and Rupert Murdoch are the sexiest media executives out there, but they aren't the highest paid. Nah, that superlative goes to Comcast's chief Brian Roberts, whose annual earnings chime in at $33.5 million.
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The stock sale by Redstone does not appear to be a routine sale under a SEC Rule 10b5-1 Plan, which automates a process of periodic sales of stock by executives in their own companies, as Professor Bainbridge has suggested. According to the data provided by Edgar Online, Redstone has had no sales of Viacom shares over the past two years, other than those of September 14, 2004. By contrast, he has been a very active trader in shares of other companies in which he is an insider, according to SEC records.
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Redstone told the magazine that he was first hipped to the drink by Viacom executive Bill Roedy on a trip to Germany in January. Then he learned that his butler's sister-in-law was a fan as well. Well, what more endorsement does one require?
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As a big-time media baron, Redstone's wardrobe mainly consists of well-tailored power suits. But now that he's decided to slow things down and enjoy being a wealthy old-timer, he's probably gone out and replaced his executive uniform with expensive, conservative casual wear.
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