Redstone, Moonves Take Pay Cuts in 2014

Chairman’s Comp Drops 82.5%, CEO's Trimmed 14.5%
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A dramatic decline in the value of his pension forced an 82.5% decline in CBS non-executive chairman Sumner Redstone’s 2014 compensation, while a big dip in the value of his stock awards took a bite out of CEO Les Moonves’ total pay for the year, according to a proxy statement filed Friday.

Redstone took home $10.8 million in total compensation for the year, 82.5% less than the $57.2 million he was awarded in 2013. The difference was a dramatic decline in the change in his pension value – from $45.4 million in 2013 to $21,078 in 2014. 

Moonves’s 2014 total comp dipped 14.5% to $57.2 million from $66.9 million in 2013, largel because of a drop in the value of stock awards -- $14.5 million in 2014 vs. 26.5 million in 2013 – and a decline in his annual bonus from $28.5 million in 2013 to $25 million in 2014.

Other executives saw their total compensation rise for the year – chief operating officer Joseph Ianiello received $27.03 million (up 10% from the prior year), while senior executive vice president, chief administrative officer and chief human resources officer Anthony Ambrosio received a 10% bump in pay from $4.05 million to $4.46 million.

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