Departing Viacom CEO Receives $59.4 Mln In 8-Day Sale Of Stock

(RTTNews) - Former Viacom Inc. (VIAB, VIA) Chief Executive Officer Philippe Dauman has sold almost all of his stock in the media company since resigning earlier this month, reaping $59.4 million in just eight days.

The former CEO sold shares in Viacom on a daily basis last week and unloaded more Monday. He is the non-executive chairman of the company for another couple weeks, and has eight days to update the board on his proposed sale of a stake in Paramount Pictures, the company's movie studio.

Dauman is receiving at least $75 million in severance, including restricted stock and options that vest early.

Dauman resigned after a bruising public battle with the Redstone family, which owns a controlling stake in the company. Before joining Viacom, Dauman was a lawyer and consultant for Sumner Redstone, the 93-year-old patriarch.

Dauman continues to hold 999 Class B Viacom shares in his 401(k) plan. He sold about 1.43 million shares over the period.