Viacom cuts chairman’s pay
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.