Ianniello’s complete compensation was revealed Friday in ViacomCBS’ annual proxy submitting with the Securities and Change Fee. Ianniello acquired $2.eight million in wage and $84.7 million in severance funds that have been stipulated years earlier than in an employment contract that promised him a windfall if he was not promoted to function CEO of your complete firm.
The longtime CBS government’s haul included inventory awards valued at $37.Four million. Ianniello exited the corporate on the finish of January following the merger of Viacom and CBS Corp. in December.
The proxy submitting additionally disclosed that ViacomCBS president-CEO Bob Bakish acquired a complete of about $36.6 million in compensation final 12 months, together with wage of $3.1 million and a bonus of $12.Four million.
Ianniello’s windfall is bound to spur outrage amongst activists and shareholder advocacy teams which have lengthy railed towards the ballooning compensation packages for prime executives. Ianniello’s state of affairs was uncommon in that he was granted beneficiant contract phrases beneath his earlier boss, longtime CBS CEO Leslie Moonves, as a retention incentive. Moonves was ousted in September 2018 after sexual misconduct allegations from the previous surfaced.
Ianniello was named performing CEO on the time. However the truth that he was not given the everlasting submit after it grew to become clear that Viacom and CBS would consummate their long-awaited merger triggered a provision in Ianniello’s contract that known as for him to earn an enormous lump sum within the occasion that Moonves left the corporate and was not chosen as his successor. In 2018, Ianniello’s complete compensation was valued at $27.Four million, together with a bonus of $12.Three million and $2.5 million in wage.
Ianniello spent greater than 20 years at CBS and Viacom, rising by way of the ranks on the enterprise aspect to the submit of president and chief working officer. He’s credited with plotting the enterprise technique that helped turbo-charge CBS’ earnings and inventory value following the corporate’s separation from Viacom in 2006, which befell six years after the businesses have been initially introduced collectively by media mogul Sumner Redstone.
In accordance with the proxy submitting, Christina Spade, ViacomCBS government VP and chief monetary officer, was the No. 2 to Bakish on the pay scale for present company officers with compensation valued at $9.Four million. The CBS alum earned $1.Three million in wage, a $2.5 million bonus and $4.9 million in inventory awards.