Former CBS CEO separation deal boosts pay
Former CBS CEO Joseph Ianniello walked away with $125.4 million in total compensation in 2019, including an $84 million separation package, according to parent ViacomCBS’s proxy statement released Friday.
According to the proxy, Ianniello received $2.8 million in salary, $37.4 million in stock awards and $84.7 million in other compensation, which included payments related to an extended employment agreement he reached with the company in 2019 . As part of that extension, Ianniello was set to receive $70 million if he was passed over for the top spot in any “corporate event,” including a merger of CBS with Viacom. Ianniello also was eligible to receive 450,000 new restricted stock units in ViacomCBS, worth about $30 million at the time, after the deal closed.
Viacom completed its merger with CBS in December, with former Viacom CEO becoming chief executive of the combined company. Ianniello stepped down in January and was replaced by former NBCUniversal executive George Cheeks.
Bakish reaped about $36.6 million in 2019 — including a $3.1 million salary and a $12.4 million bonus.