Viacom Inc. has created the position of lead independent director and named Frederic Salerno to the post,
the
Wall Street Journal
reported.
Salerno is a retired CFO for Verizon Communications Inc. and has been close to Sumner Redstone, Viacom's controlling shareholder, the
Journal
article said.
Salerno has served on Viacom's board since 1994. He is also lead independent director of Intercontinental Exchange and Akamai, the article said.
Proxy advisory firm Institutional Shareholder Services opposed the re-election of six Viacom directors, citing “misalignment between executive compensation and executive performance.” However, Viacom shareholders voted to re-elect all the board members at the annual meeting, the
Journal
report said. (Source:
Wall Street Journal
, March 17, 2016.)
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