Viacom CEO resigns with $72m settlement

The CEO resigned after the Viacom board approved the settlement package, following a bitter battle lasting months

Viacom CEO resigns with $72m settlement

The Chief Executive Officer of US media behemoth Viacom has resigned with a settlement package of US$72m after a fraught battle, it has been reported.

Philippe Dauman, 62, stood down after the settlement package was agreed, following a drawn-out dispute with Viacom's controlling shareholder, Sumner Redstone, 93, amid allegations that the ageing billionaire owner is being controlled by his daughter, Shari Redstone.

The Viacom board voted on Thursday night to approve Dauman's settlement package, and publicly announced the deal on Saturday, CNN Money reports.

In July, Dauman 'reserved the right to resign' in a bid to protect potential severance pay, after Redstone sought to remove several board members, including Dauman, from National Amusements - the company that controls Redstone's major shareholdings in Viacom.

Dauman's contract was said to have contained a clause which states that he could ‘resign with good reason’ if there were changes to Viacom’s board.

In June, Dauman and Viacom director George Abrams filed legal papers that sought to have Redstone medically evaluated, after the pair were ousted from the Sumner Redstone trust.

The filing contended that Redstone was not mentally competent to remove them and was manipulated into doing so by his formerly-estranged daughter.

Dauman's settlement deal resolves a number of lawsuits and countersuits between the two sides.

Dauman remains non-executive chairman of Viacom until 13 September, and is due to present a plan to sell a small stake in Paramount Pictures, BBC Online reports.

Related stories:

Top two Viacom execs 'reserve right to resign'

Severance pay across Asia: what's the damage?

Executives make up 71% of all redundancies in Singapore
 

Free newsletter

Our daily newsletter is FREE and keeps you up-to-date with the world of HR. Please complete the form below and click on subscribe for daily newsletters from HRD Asia.

Recent articles & video

How can tech improve your healthcare strategy?

Worker spikes colleagues with LSD because they’re ‘too uptight’

After Disney-Fox merger, thousands brace for massive job cuts

Transforming and redesigning jobs: a "how-to"

Most Read Articles

Worker sues after being fired while on sick leave following miscarriage

Mental wellness: why C-suite should lead the discussion

Is your workplace culture toxic?