CBS CEO Moonves Gets New Five-Year Deal

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CBS CEO Moonves Gets New Five-Year Deal
Contract Was Set to Expire in 2011
Mike Farrell --, 2/24/2010 4:29:10 PM

CBS Corp. said Wednesday that it has reached a new employment agreement with CEO Leslie Moonves, superseding an existing deal that was scheduled to expire in 2011 and extending his employment through 2015.
Under terms of the agreement, Moonves' annual salary will stay the same and he will also be eligible for an annual performance based bonus. In addition, the new deal calls for significant equity-based compensation tied to the performance of CBS stock. The company said in a statement that it has also provided incentives for Moonves to continue his relationship with CBS at the end of his employment term.
CBS did not release details of the pact - they said it would be included in its 10-K annual report, which has yet to be filed with the Securities and Exchange Commission.
In 2008, the latest figures available, Moonves received total compensation of $31.96 million, including $3.5 million in salary, a $9.5 million bonus, $11.6 million in stock awards and $6.8 million in option awards.
"This is, above all, great news for every shareholder of CBS," CBS executive chairman and founder Sumner Redstone said in a statement. "Leslie is a superb executive who has led CBS to a position of unparalleled leadership in the industry. This agreement not only secures the future of the company for many years to come, it also further aligns and strengthens the interests of the chief executive with those of our shareholders. I look forward to working with Leslie as we capitalize on all of the opportunities that lie ahead."
In addition to the CBS broadcast network, the company also includes cable channel CBS College Sports Network and premium service Showtime.
"I have the privilege of working with the greatest team of people in this or any other business," Moonves said in a statement. "I am very gratified that my relationship with the Company will continue as we build on the strong foundation we have laid for ongoing growth and success."