MUMBAI: The Board of Directors of Viacom Inc. has extended president and CEO Philippe Dauman’s contract by five years through December 2016.
Dauman was named president and CEO of Viacom in September 2006. His previous agreement was set to expire in December 2011. Dauman will also continue to serve as a member of the Viacom Board.
In making the announcement, the Viacom Board cited Dauman’s strong operational and financial leadership. In 2009, Viacom increased its operating free cash flow, expanded its operating margins and restructured and strengthened its debt profile. Reflecting this performance, Viacom shares have been among the best performing large media company stocks since the beginning of January 2009.
"Philippe is a great leader who has demonstrated an extraordinary and consistent ability to deliver results for all Viacom shareholders. Philippe has strengthened Viacom’s iconic entertainment brands, increased efficiency in every area, profitably extended our world-wide footprint, and forged significant long-term agreements with distribution and other partners. Most important, he has revived our creative spirit and our focus on innovative and distinctive content. With nearly 25 years of entertainment industry experience and a unique connection to Viacom, Philippe has the perspective and the vision to lead Viacom to new levels of success for many years to come," said Viacom executive chairman Sumner Redstone.
Dauman added, "I have had the privilege to lead a great team and I look forward to guiding them into the bright future we see ahead for Viacom and our shareholders. We have many of the greatest entertainment brands in the world and an unparalleled tradition of innovation and creativity in films and in television programming, all supported by a strong operational and financial organization. That is a winning combination and it will be the catalyst for Viacom to produce even greater entertainment experiences, to build ever more powerful entertainment platforms and to fully realize our unlimited potential."