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Tag: Thomas E. Dooley

  • Carl D. Folta is Viacom executive VP, corporate communications

    Carl D. Folta is Viacom executive VP, corporate communications

    MUMBAI: US media conglomerate Viacom has appointed Carl D. Folta as executive VP, corporate communications.
    Folta, who will serve as Viacom’s chief communications strategist and spokesperson, will report to Viacom senior executive VP and chief administrative officer Thomas E. Dooley. Folta, most recently served as executive vice president, office of the chairman.

    In his new role, he will be responsible for Viacom’s overall communications activities, both internally and externally, as well as the coordination of communications at the Company’s operations, including MTV Networks, Bet Networks, the Paramount Motion Picture Group and Famous Music. Folta will have oversight for all financial communications, and will direct the Company’s media relations activities for industry issues and public affairs, including regulatory, legislative and legal matters.

    Additionally, he will be responsible for managing corporate events and overseeing the Company’s philanthropy activities and public affairs programs, including Know HIV/Aids, the Peabody and Emmy Award-winning cross- platform public education partnership with CBS and Kaiser Family Foundation, which he initiated in 2003.

    Viacom president and CEO Philippe Dauman said, “Carl is a consummate communications professional who understands the strategic and financial complexities of our businesses and the industry. I know he will make a big contribution to Viacom in the future as we continue to expand and embrace the opportunities of the digital age. I am also pleased that I will have the opportunity to continue to work with Carole and that Viacom will continue to benefit from her knowledge, experience and talent as she moves to her new role at MTV Networks.”

    Dooley said, “Carl is a highly effective leader and a seasoned communications councelor with more than 25 years of experience in every aspect of the public relations field, including financial and investor communications. I couldn’t be more pleased to be teaming up with him again.”

  • Viacom revises employment agreement with Redstone

    Viacom revises employment agreement with Redstone

    MUMBAI: US media conglomerate Viacom’s board of directors has announced that it has entered into a revised employment agreement with its Executive Chairman Sumner M Redstone.

    The agreement reduces cash salary and bonuses effective 1 January, 2007 and immediately directly links the majority of Redstone’s compensation to superior shareholder returns.

    Redstone and the Compensation Committee of the Viacom Board are extending the equity driven approach to compensation and incentives adopted by Viacom in its recently announced agreements with Viacom president and CEO Philippe P Dauman and Viacom’s senior executive VP and chief administrative officer Thomas E Dooley.

    Redstone said, “As both a major shareholder and as the executive chairman of the company, I have long been in favour of the pay-for-performance model, which I believe is good for shareholders and good for the company. I want to commend the Compensation Committee for not only listening to our stockholders, but for their leadership, creativity and discipline in creating this new shareholder-friendly compensation structure.”

    Under the terms of the new agreement, beginning in 2007, Redstone’s salary will be reduced to $1 million per year (from current $1.75 million), and deferred compensation, presently $1.3 million per year, will be eliminated. His target cash bonus under Viacom’s short-term incentive plan will be reduced from $6.1 million to $3.5 million per year.

    Redstone will receive an annual award of stock options having a grant-date value of $3 million. He will also receive an annual award of performance share units (PSU’s) with a grant-date target value of $3 million.

  • Tom Freston quits; Philippe Dauman named new Viacom CEO

    Tom Freston quits; Philippe Dauman named new Viacom CEO

    MUMBAI: Barely eight months after Viacom chairman Summer Redstone split the global media powerhouse into two units — CBS Corp and Viacom Inc — one of his anointed CEOs has announced his resignation.

     

    Viacom CEO Tom Freston’s decision, which was sudden and unexpected, comes at a time when the company’s stock price was falling (down 20 per cent since January when the split from CBS became effective). The key properties under Freston’s charge were MTV Networks, which he literally created and built, as well as Paramount Pictures.
     

     

    Viacom announced today that the 60-year-old Freston was being replaced as president and CEO by Philippe P. Dauman. The Viacom board also named Thomas E Dooley to the newly created position of senior executive vice president and chief administrative officer. Dauman will report to Redstone, while Dooley will report to Dauman.

     

    Both Dauman, 52, and Dooley, 49, have previously held a number of executive positions at the company, and both currently serve on Viacom’s board.
    The official release quoted Freston as saying: “I’ve spent over 26 years at Viacom, 18 of them with Summer. With my exceptional colleagues, we built a worldwide powerhouse of brands and businesses, literally from scratch. I leave many good friends knowing that they have an unmatched track record, a great plan going forward and incredible abilities to execute on it in this digital age.”

     

    Official comments apart, it is clear that Freston was forced out by Redstone. Newswire service Associated Press quoted Redstone as telling analysts on a conference call that the board wanted a more entrepreneurial and aggressive management team that would have a closer relationship with investors. Investors didn’t seem too thrilled by the news though, sending the company stock down nearly 6 per cent in early trading.

     

    But far more than the slip-sliding stock price, what probably had the biggest hand to play in Redstone’s dumping a loyal lieutenant who built MTV into a global entertainment powerhouse was over Freston’s failure to aggressively chase MySpace, the youth social networking phenomenon that has taken the world by storm.

     

    It irks Redstone no end that a site that was a perfect fit as far as MTV’s youth demographic is concerned was snapped up from right under Viacom’s nose by Rupert Murdoch’s News Corporation for what in hindsight has turned out to be a steal at $ 580 million.

     

    “We bought a lot of little things and you can add it all up, but it’s not MySpace,” Redstone has been quoted as saying of the start-up that had been “sitting out there for a long time” before News Corp bought it out.

     

    Freston’s departure comes less than two weeks after Viacom announced it was parting ways with Hollywood superstar Tom Cruise’s production company, ending a 14-year relationship. Redstone’s stated reason for dumping Cruise was that his “erratic” behaviour made the association an unviable one.

    Viacom’s brands include MTV Networks (MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, CMT: Country Music Television, Spike TV, TV Land, Logo and more than 120 networks around the world), BET Networks, Paramount Pictures, Paramount Home Entertainment, DreamWorks and Famous Music.