April 3, 2020
Who said losing your job has to hurt financially? Joseph Ianniello, the acting CEO of CBS in 2019, was paid $125.4 million in total compensation on Dec. 4, 2019, after being shown the door following the Viacom re-merger, according to a regulatory filing.
To put Ianniello’s golden parachute into perspective, it is more than the $100 million Netflix and WarnerMedia Entertainment each set aside for employees and production personnel fiscally affected by the industry shutdown due to the coronavirus pandemic.
It’s also just $25 million less than the $150 million fund Comcast established for employees and related personnel financially impacted by the virus.
Viacom CEO Bob Bakish, who also assumed Ianniello’s title following the re-merger, earned $8.4 million in total compensation, which included a $230,769 base salary, $5 million in stock options and $3.1 million bonus. He is set to earn $31 million in the current fiscal year.
ViacomCBS CFO Christina Spade was paid $9.4 million, which included $2 million base salary, $4.9 million in stock options and a $2.5 million bonus.
Ianniello, who was CFO of CBS prior to becoming interim CEO following the ouster of Les Moonves for inappropriate workplace behavior, was paid 2.85 million in base salary, $37.4 million in stock options and another $84.7 million in “other compensation” largely due to severance.
Ex-CBS General Counsel Laura Franco was paid $5.7 in compensation, while in pay, former CBS Chief Legal Officer Lawrence Tu earned $7.2 million.