Viacom extends CEO Philippe Dauman's contract through 2018

Associated Press

Viacom Inc. said Thursday that it has extended the contract of its President and CEO Philippe Dauman through 2018.

Dauman has been president and CEO of the New York-based television company since 2006 and served on its board since 1987.

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Viacom said the agreement adds two years to Dauman's previous contract, which ran through the end of 2016. The company's founder and executive chairman, Sumner Redstone, said Dauman has been his "long-term partner in building Viacom into the global entertainment powerhouse that it is today."

Under the terms of the new agreement, Dauman's base salary will remain unchanged and he will still to be eligible for performance-based compensation and equity awards.

Dauman was one of the 10 highest paid CEOs of 2013 as calculated by The Associated Press and Equilar, an executive pay research firm, with a pay packed of $37.2 million. The information on his pay for the 2014 fiscal year is not yet publicly available.

Shares of Viacom were down $1.35 at $66.44 in late trading Thursday.