• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Arts & EntertainmentViacom

Viacom Execs Reserve Their Right to Quit and Protect Their Pay

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
July 19, 2016, 11:16 AM ET
2016 MTV Upfront At Skylight At Moynihan Station
NEW YORK, NY - APRIL 21: Viacom COO Tom Dooley, Mtv President Sean Atkins, television producer Mark Burnett, CEO of Viacom Philippe Dauman, television executive Doug Herzog attend the 2016 MTV Upfront at Skylight At Moynihan Station at Skylight at Moynihan Station on April 21, 2016 in New York City. (Photo by Paul Zimmerman/Getty Images for MTV)Paul Zimmerman — Getty Images for MTV

Viacom Inc Chief Executive Philippe Dauman and Chief Operating Officer Thomas Dooley have reserved their legal right to resign “with good reason” in a move to protect tens of millions of dollars in potential severance pay.

The move is the latest in the battle for control of Viacom, part of Sumner Redstone’s $40 billion media empire, which has caused a rift between Redstone, backed by his daughter, and his long-time lieutenant Dauman.

According to regulatory filings made public on Monday, Dauman and Dooley sent letters reserving the right to resign if a judge issues a final order approving Redstone’s action last month to remove Dauman and four other directors from Viacom’s board.

Monday’s move is important as executives are generally entitled to receive severance pay if they resign with good reason, but not if they are removed. Dauman and Dooley’s employment agreements state they can resign with good reason if there are changes to Viacom’s board.

Dooley and Dauman were required by the terms of their employment agreements to file their letters within 30 days of a “good reason event” to be eligible for their severance packages, in this case Redstone’s June 16 actions to remove and replace board directors.

Under their employment agreements, Dooley could receive more than $30 million in severance compensation and Dauman could receive more than $90 million, according to the company’s most recent proxy filing.

Viacom and National Amusements declined comment.

Last month, 93-year-old Redstone moved to oust five directors from the Viacom board, including Dauman, even though he remains CEO.

Redstone made the move through his privately held movie theater company National Amusements Inc, which holds 80 percent of Viacom’s voting shares. National Amusements gave no reason for the removals, but it was seen as a big step toward a management shake-up at the media company, which has been struggling with sagging ratings. The move is being contested in a Delaware court.

Dooley is not among the directors Redstone seeks to remove. He remains chief operating officer.

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in Arts & Entertainment

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Arts & Entertainment

knicks
SuccessNew York
‘Knicks in 6. 2026 NBA Finals’: Why did this New Yorker make a prophecy in his 2020 high school yearbook?
By Philip Marcelo and The Associated PressJune 10, 2026
5 minutes ago
Jamie Laing thinks tomorrow’s Fortune 500 will be built by creators. He might be right 
C-Suitecreator economy
Jamie Laing thinks tomorrow’s Fortune 500 will be built by creators. He might be right 
By Sam BirchallJune 10, 2026
3 hours ago
Trump’s 80th birthday present is a UFC cage on the South Lawn of the White House
North AmericaDonald Trump
Trump’s 80th birthday present is a UFC cage on the South Lawn of the White House
By Will Weissert and The Associated PressJune 9, 2026
18 hours ago
FIFA says ‘market rates’ explain World Cup prices. Economists say the market was rigged by design
Travel & LeisureNew York City
FIFA says ‘market rates’ explain World Cup prices. Economists say the market was rigged by design
By Catherina GioinoJune 9, 2026
18 hours ago
Singer-songwriter Grimes speaks on stage at Fortune Brainstorm Tech 2026 in Aspen, Colorado.
AIMusic
Grimes says AI can make music, but humans must still tell the story
By Sebastian HerreraJune 9, 2026
22 hours ago
trump
Arts & EntertainmentWhite House
Trump on getting loudly booed by hometown New York: ‘It was, I think, mostly cheers’
By Stephen Whyno, Michelle L. Price and The Associated PressJune 9, 2026
22 hours ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
2 days ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
21 hours ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Current price of oil as of June 9, 2026
Personal Finance
Current price of oil as of June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago
Current price of silver as of Tuesday, June 9, 2026
Personal Finance
Current price of silver as of Tuesday, June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
Environment
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
By Sasha RogelbergJune 8, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.