According to Bloomberg Law, a current report
filed by the media giant to the US Securities and Exchange Commission said that “Viacom will continue to pay Mr. Fricklas’ salary at the rate in effect on the date of termination for 24 months following the termination date.” The lawyer’s last day at Viacom will be on 26 May.
Based on his reported salary for fiscal year 2015-2016, Fricklas will be paid nearly US$2.6m. His total compensation for the aforementioned year was about US$6.367m, considerably larger than his $1.29m base yearly salary.
Fricklas is leaving Viacom due to the management shakeup at the media behemoth, Bloomberg Law reported. Sumner Redstone, the company’s controlling shareholder, has been named chairman emeritus and has handed control over major decisions to his daughter Shari, who is vice chairman.
Shari is believed to be appointing new people to the senior management ranks of the company. She has already appointed Bob Bakish as CEO. Viacom has not announced who will replace Fricklas as GC.
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Michael Fricklas, Viacom’s general counsel, will still be paid his monthly salary for two years after he resigns from his position.