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It's good to be Redstone even when profits decline; Viacom chairman makes more money underperforming than overperforming.(Finance)(Sumner Redstone)
Crain's New York Business, June, 2004
Byline: aaron elstein By many measures, 2003 was a disappointing year for Viacom Inc. Operating income fell by 21% and its stock price underperformed the S&P 500 and that of most other media companies. Nonetheless, Chairman and Chief Executive Sumner Redstone got a raise. The iron-willed executive was paid $41.6 million last year, a 6% increase over 2002, when his firm had record profits.
His 2003 cash compensation, comprising a $3.99 million base salary and a $15 million bonus, dropped 6% from the prior year, but an options grant worth 800,000 shares-200,000 above the previous year's grant-more than made up for any shortfall. How did Viacom justify Mr. Redstone's pay package? Its compensation committee appears to have seen the glass as being half...
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