Vi­a­com cuts chair­man’s pay

The Denver Post - - BUSINESS -

Vi­a­com said it slashed the com­pen­sa­tion of 92-year-old ex­ec­u­tive chair­man Sum­ner Red­stone a day af­ter a share­holder law­suit chal­lenged his pay. Red­stone’s com­pen­sa­tion fell to $2 mil­lion in its last fis­cal year from $13 mil­lion the year be­fore. That’s a de­crease of 85 per­cent. The com­pany’s shares tum­bled 40 per­cent over that pe­riod. Red­stone con­trols Vi­a­com and CBS, and there are two on­go­ing court bat­tles about his per­sonal care and whether com­pany ex­ec­u­tives and board mem­bers were up­front with share­hold­ers about his abil­ity to lead the com­pa­nies.

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