CBS Gives Moonves New Deal
President and CEO to Stay with Network Through Sept. 30, 2011
By Ben Grossman -- Broadcasting & Cable, 10/16/2007 4:45:00 PM
CBS Tuesday announced a new deal for president and CEO Leslie Moonves that will keep him steering the company through Sept. 30, 2011.
His new agreement, which supersedes his previous contract, will earn him $3.5 million per year as a base, down from $5.9 million in the previous contract. The previous number included $2.9 million in deferred compensation.
According to a CBS press release, Moonves also gets an annual performance-based bonus and “significant equity-based compensation that ties the value of the agreement to the performance of the company’s stock.”
The deal includes a one-time option to purchase 5 million shares of CBS class-B common stock, which will be granted later this week and will vest in four equal installments over the next four years.
Additionally, the agreement grants annual restricted-stock units during the term with a value of $7.6 million per year.
CBS also said it “provided incentives for Moonves to continue his relationship with the company upon the end of the employment term.”
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