NEW YORK: Viacom Inc disclosed on Friday it would foot the bill for embattled Chief Executive Officer Philippe Dauman's legal fight against controlling shareholder Sumner Redstone, even as Wall Street cheers the executive's potential departure.
The disconnect demonstrates the complicated corporate governance challenge Viacom's board is facing in the battle for control of Redstone's $40 billion media empire, which includes CBS Corp and Viacom, investors and corporate governance experts said.
"I don't think it's appropriate to use shareholder money for the suit," said Ben Strubel, a principal with Lancaster, Pennsylvania-based wealth manager Strubel Investment Management, which owns non-voting shares of Viacom.
"I don't think it's appropriate to use shareholder money toward his compensation given the company's performance."
In this picture, the PCJCCI logo can be seen on September 1, 2022. — Facebook/Pakistan China Joint Chamber of...
A representational image of a US flag pictured alongside a street sign reading "Wall Street" in the New York city. —...
A security guard sits in front of a wall with signs and slogans at the operation building at the Pakistan Steel Mills ...
A worker cleans the entrance to the headquarters of Bank Indonesia, the nation's central bank, in Jakarta, Indonesia....
The MCB's logo is seen on a wall outside the bank's head office. — MCB websiteKARACHI: MCB Bank Limited on...
A foreign currency dealer counts US dollars at a shop in Karachi. — AFP/FileKARACHI: The rupee lost ground against...
