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Viacom reduces GC's salary, raises cash bonus

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News In Brief:
Date: 05-08-2007

Viacom reduces GC's salary, raises cash bonus
In a filing with the Securities and Exchange Commission, Viacom International, Inc., said that it had lowered the salary of its general counsel. Michael D. Fricklas will now be paid $1 million annually instead of $1.5 million; however, the company has raised his target cash bonus from $1.51 million to $1.55 million. Viacom has removed $250,000 in deferred compensation from Fricklas' salary. It will also provide the general counsel with $2.5 million in restricted stock units on March 15. Additionally, he will be eligible for annual equity-compensation grants worth approximately $3 million. Fricklas has been serving as Executive Vice President, General Counsel, and Secretary for Viacom since January 1, 2006. Viacom is one of the world's leading creators of programming and content across all media platforms.

Take-Two names Seth Krauss GC
Seth Krauss has joined Take-Two Interactive Software, Inc., as Executive Vice President and General Counsel. In his new capacity, Krauss will report to Paul Eibeler, President and Chief Executive Officer. Krauss served Morgan Stanley as an executive director in its legal and compliance division before joining Take-Two. At Morgan Stanley, Krauss was responsible for coordinating all significant regulatory and law-enforcement matters within the U.S. He also served as one of the firm's senior liaisons to its regulators, which include the U.S. Securities and Exchange Commission (SEC), National Association of Securities Dealers (NASD), and New York Stock Exchange (NYSE). With headquarters in New York City, Take-Two Interactive Software, Inc., is a global developer, marketer, distributor, and publisher of interactive-entertainment software games for PCs and PlayStation entertainment systems.

Pack Downing will be new GC for Utah governor
Utah Governor Jon Huntsman, Jr., has named Tani Pack Downing as his general counsel. Earlier, Pack Downing served as General Counsel for the Department of Workforce Services before becoming the department's director. She also served as Associate General Counsel for the Utah Legislature for seven years. Pack Downing will be replaced by former Maryland Secretary for Disabilities Kristen Cox, who has been appointed Director of the Department of Workforce Services.

Former McAfee GC indicted in stock-options scandal
Former General Counsel of McAfee, Inc., Kent Roberts has been charged in a seven-count indictment by a federal grand jury. Roberts was allegedly involved in the fraudulent dating of stock-option grants in 2000 and 2002. The indictment was the result of an investigation by the FBI and the U.S. Attorney's Office for the Northern District of California. According to the indictment, Roberts fraudulently changed the dates on stock-option grants in the company's records (McAfee was called Network Associates at the time) to benefit himself. Roberts, who joined Network Associates in 1998, was promoted to General Counsel and Secretary of Network Associates in 2001.

American Century restructures management, names new GC
American Century Investments has announced the promotion of Charles Etherington to general counsel. Etherington, who joined American Century in 1994, was most recently engaged in managing the company's securities and corporate practice groups; the groups oversee securities law, corporate governance, and general corporate issues for the company. Prior to joining American Century, Etherington worked for Smith, Gill, Fisher, and Butts for nine years in the firm's corporate and securities law practice group in Kansas City. The move is part of a major restructuring of the company's top ranks. A global asset investment management company, American Century employs about 2,000 people, including investment professionals who offer a diverse range of investment options to their clients.


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