Viacom CEO Philippe Dauman takes pay cut

Smaller bonuses led to compensation decreases in fiscal 2012 for the top executives at Viacom Inc., who traditionally have been among the nation’s most richly paid.

Chief Executive Philippe Dauman took home $33.5 million in the year that ended Sept. 30, down 22% from the previous year. His No. 2, Chief Operating Officer Tom Dooley, saw a 23% drop to $26.3 million.

Compensation for Chairman Sumner Redstone, who holds the same title at CBS Corp., dropped 3% to $20.4 million.

Every executive at the corporate parent of MTV Networks and Paramount Pictures saw a sharp drop in bonus payments in fiscal 2012. Dauman’s annual cash bonus, for instance, dropped to $11.5 million from $20 million the prior year, while Redstone’s was $5.75 million, down from $10 million.

Redstone’s total compensation stayed almost even because of a $12.9-million jump in the value of his pension, more than 10 times the prior year’s increase.

Viacom’s revenue dropped 7% in its last fiscal year to $13.9 billion, while its adjusted operating income grew 1% to $3.9 billion.

However, operating income for the year was lower than the target set by the New York company’s board of directors. As a result, its top executives received less than their target bonuses, which in Dauman’s case was $12 million.

In the prior fiscal year, Viacom exceeded its financial targets.

In fiscal 2011, Dauman was the highest-paid executive in the United States, with total compensation of $84.5 million.

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