CBS president and CEO Leslie Moonves has re-upped his agreement with the company, extending his term with CBS through June 30, 2017.
Moonves' prior agreement was due to expire in 2015. Under the new deal, Moonves' salary will remain the same and will continue to be eligible for an annual performance-based bonus and will receive equity-based compensation. Additionally, Moonves will become eligible to become an executive advisor for another four years, and will have the option to create a production company under CBS.
"I take great pride in all the tremendous success we've enjoyed at CBS," said Moonves. "And the good news is that I feel even more enthusiastic about what my terrific team and I will accomplish going forward. I am very gratified that my relationship with CBS will continue into the future, and I look forward to building on all of the exciting opportunities that lie ahead."
"This is terrific news for CBS and all of its constituencies," added Sumner Redstone, executive chairman and founder, CBS Corp. "Leslie's record as a CEO is not only among the best in media, it's among the best in all of business. This agreement secures the Company even further into the future, and it also further aligns and strengthens the interests of the chief executive with those of our shareholders. I look forward to all Leslie will continue to do as the genius that he is."