Leslie (Les) Moonves has signed a new five-year contract with CBS to extend his term as CEO through June 2017. This deal was announced on Monday and replaces a contract that was set to expire on February 2015.
Mr. Moonves’ salary will remain the same and he is still eligible for an annual bonus and stock grants. In 2011, Mr. Moonves’ pay package had risen to $68.4 million, which makes him one of the nation’s highest paid corporate executives.
At the end of Mr. Moonves’ contract, he will be able to work as an executive adviser for CBS for another 4 years. He can also establish a production company using the CBS brand during that time.
Sumner Redstone, the executive chairman at CBS, said that this deal is “terrific news for CBS.”