CBS announced today that it has extended the contract agreement it has with Leslie Moonves, President and CEO, CBS Corporation. Moonves, who was originally scheduled to continue on in his current position through June 30, 2017, will now oversee the corporation through June 30, 2019. At that point he will become an executive advisor for an additional five years, and will have the option to establish a production company under CBS’ auspices, the company said.
Moonves’ current salary will remain at current levels and he will continue to be eligible for an annual performance-based bonus and receive equity-based compensation that further ties the value of the agreement to the performance of CBS’ stock.
Joining CBS in 1995 as President of Entertainment, and subsequently being promoted to President and CEO of CBS Television in 1998, and its Chairman in 2003, Moonves 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.