Viacom slashes exec pay amid lawsuit over Redstone's health
LOS ANGELES (AP) — Viacom Inc. on Wednesday pre-released details about executive pay that show an 85 percent drop in compensation for its ailing 92-year-old executive chairman, Sumner Redstone, amid legal battles questioning his health and competence.
Public companies provide full rundowns of executive compensation in their proxy statements ahead of their annual shareholder meetings.
The shareholder lawsuit accuses company directors of breaching their fiduciary duties to shareholders by allowing millions of dollars to be paid to Redstone while he was physically and mentally incapacitated and unable to carry out his duties as chairman.