Yet the contracts for Moonves, 65, and Dauman, 61, stipulate that they can quit and collect severance equaling three times their annual salary and bonus if they aren’t made chairman after Sumner leaves the scene.
Both men are among the highest paid in media, with Moonves earning $57.2 million in total compensation last year and Dauman receiving $44.3 million, according to company documents. Those figures also include stock based awards.
The elder Redstone set out to cool months of media speculation when he put out a statement on May 7 confirming control of the two companies would pass to the trust. He also said directors of CBS and Viacom will decide who succeeds him as chairman of those two companies.
The trust is governed by two family members and five outsiders, according to Leah Bishop, an attorney for Sumner Redstone at Loeb & Loeb in Los Angeles. Right now the family members are Sumner Redstone and his ex-wife, Phyllis Redstone. They will be replaced by Shari Redstone and her son upon Sumner Redstone’s death.
Shari Redstone declined to comment on her intentions. Korff couldn’t be reached. Brent Redstone, Sumner and Phyllis Redstone’s other child, settled a legal dispute with his father several years ago and isn’t involved in the estate.
Boston Lawyers
In addition to the family members and Dauman, the other members are Boston-area lawyers who have long ties to the Restones.
Two specialize in estate planning. George S. Abrams, 82, is a director of National Amusements and a member of Viacom’s board. David Andelman, 75, is on the boards of National Amusements and CBS.
Leonard Lewin, 69, was the divorce lawyer for Phyllis Redstone. Norman Jacobs, 75, represented Sumner Redstone.
Jacobs declined to comment. The others didn’t respond to requests for comment.