Tom Freston was given an emotional send-off yesterday as thousands of MTV employees gathered in the lobby of the company’s Midtown building.
Freston, who was dismissed as Viacom’s CEO on Labor Day by Chairman Sumner Redstone in Los Angeles, returned to his New York office to tie up loose ends.
“The entire company went down to the lobby, and were cheering” as Freston exited, according to one employee. This person said that Freston, visibly moved, was unable to address the throng who hailed him with chants of “Tom! Tom!”
“He shook hands and people were hugging him,” said an insider.
Meanwhile, an SEC filing said Viacom will pay Freston’s replacement, CEO Philippe Dauman at least $21 million a year, including $2 million in salary, a bonus of at least $7 million and options worth $12 million. Administrative chief Thomas E. Dooley gets $16.8 million, including $1.6 million in pay, a bonus of $5.6 million or more and options worth $9.6 million.
Freston helped found MTV more than 25 years ago.