CBS Corp. CEO Leslie Moonves has extended his contract with the company an additional two years.
Moonves, whose original deal was to expire in 2017, will now be in the current post through June 30, 2019. At the end of his new term, Moonves will become an executive advisor to the company for an additional five years, and will have the option to establish a production company under CBS’ auspices.
His salary will remain at its current level. As with his previous deal, Moonves is 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.
Moonves has been with CBS since 1995, first joining as Entertainment president. Moonves has been the company's only CEO since it was spun off from Viacom in 2006.