(Reuters) - Viacom Inc Chief Executive Officer Philippe Dauman received a 40 percent hike in his annual base salary to $3.5 million, effective January 1, 2010, a regulatory filing showed.
Dauman, who became CEO of the media conglomerate in September 2006, earned a total compensation of about $34 million in 2009, according to a proxy statement filed with the U.S. Securities and Exchange Commission late on Friday.
This included a base salary of $2.5 million and other incentives such as stock awards, option awards, non-equity incentive plan compensation and others.
Dauman’s target annual cash bonus for 2010 has been increased to $12 million from $9.5 million. The bonus is subject to certain performance goals established by the company.
In addition, he will continue to receive life insurance coverage in the amount of $5 million, the filing said.
In February, Viacom posted a 3 percent decline in fourth-quarter revenue to $4.1 billion, while the net income rose to $694 million.
Dauman did not receive any raise in his base salary in 2009 compared to 2008. However, the CEO was offered a near 60 percent raise in a non-equity incentive plan.
Reporting by Shrutika Verma in Bangalore; Editing by Jon Loades-Carter