Philippe Dauman Extends Employment Contract

NEW YORK: The Viacom board of directors has signed president and CEO Philippe Dauman to a new contract, extending the terms of his tenure for an addition five years through December 2016.

Dauman, who has held his current role at Viacom since September 2006, will continue to serve as a member of the Viacom board. His previous agreement was expiring in December 2011. He has served on the company’s board of directors since 1987.

"Philippe is a great leader who has demonstrated an extraordinary and consistent ability to deliver results for all Viacom shareholders," said Viacom’s executive chairman, Sumner Redstone. "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."

Dauman commented, "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."