CBS said it has extended its employment deal with CEO Leslie Moonves an additional two years to 2019.
The new deal keeps his annual base salary at its current level and he also is eligible for an annual performance-based bonus and will receive equity-based compensation that further ties the value of the agreement to the performance of CBS stock.
Last year, Moonves received total compensation of $66.9 million, including a $3.5 million salary, a $28.5 million bonus, $26.5 million in stock awards and other incentives.
At the end of his employment deal the 65-year old Moonves will become an executive advisor to the company for an additional five years and will have the option to establish a production company under CBS’s auspices.
Moonves joined CBS in 1995 as president of entertainment and was promoted to president and CEO of CBS Television in 1998. He became chairman of the network in 2003, and was later named co-president and co-chief operating officer of Viacom and chairman of CBS in 2004. In 2006, when Viacom split its businesses into two publicly traded companies, Moonves was named president and CEO of the newly formed CBS Corporation.