Marketplace®

Daily business news and economic stories

When a $2 million pay cut is a symbolic blow

Good thing Sumner Redstone is worth $5 billion.

Sumner Redstone in a 2013 photo. Viacom's board voted Wednesday to stop paying his salary.
Sumner Redstone in a 2013 photo. Viacom's board voted Wednesday to stop paying his salary.
Photo by Frazer Harrison/Getty Images

This final note on the way out, ending, in a way, where we started: Worker pay.

The board of directors at Viacom voted today to stop paying the salary of 92-year-old Sumner Redstone, its founder and chairman emeritus. Until this afternoon, Redstone made $2 million a year.

Symbolism here is everything. Redstone’s worth something like $5 billion dollars. 

He just won a legal fight over his mental competency a couple of weeks ago.

Related Topics

Collections: