Monday, January 27, 2014

It's Good to be the King

... or the chairman.

Viacom's top three managers earned a total of $102.4M in 2013

Viacom's top there executives enjoyed a jump in compensation of 28% in 2013 to a total of $102.4M.

The salary package of Chairman and founder Sumner Redstone rose to $36.2M from $20.4M and that of CEO Philippe Dauman climbed 11% to $37.2M.

The earnings of COO Thomas Dooley increased 11% as well, to $29.1M.

The compensation includes salaries, cash bonuses and pensions, and the value of stock and option grants awarded in previous years. The execs' basic salaries stayed the same. The company said that the salaries "reflects more than $10.5B delivered to owners of Viacom shares in fiscal 2013."

A couple of days ago, at a signator animation studio, a veteran artist on a popular prime time show said to me:

"I haven't gotten a raise in three years. What can you do about it?"

I asked her what he made, and found out it was above scale rate. So I had a ready answer: "If you work over scale, the studio doesn't have to pay you any more than it does now. Legally there's nothing the guild can do to get them to boost your wages."

"Yeah, great. So I'm sorry I asked."

At which point, having nothing further to say, I left. My one consolation is that at least the deserving rich, the job creators, are getting nice raises. It's lifted some of the hopelessness I've felt the past few days.


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