CBS Extends Moonves’ Contract To 2019

CBS Corp. announced today a new agreement with president-CEO Leslie Moonves that supersedes his prior contract, which was to conclude in 2017, and extends his term with CBS Corp. by two years,through June 30, 2019.

Under the terms of the agreement, Moonves’ salary remains at its current level. As before, he will continue to be 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 the company’s stock. At the end of his new term, Moonves will become an executive adviser to the Ccompany for an additional five years, and will have the option to establish a production company under CBS’s auspices.

Moonves came to CBS in 1995 as president of entertainment.He was promoted to president and CEO of CBS Television in 1998, became its chairman in 2003, and was later namedco-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 Corp.