CBS president and
CEO Leslie Moonves has re-upped his agreement with the company, extending his
term with CBS through June 30, 2017.
agreement was due to expire in 2015. Under the new deal, Moonves' salary will
remain the same, with an additional annual
performance-based bonus and equity-based compensation. Moonves will also become eligible to act as an executive advisor for another four
years, and will have the option to create a production company under CBS.
"I take great pride
in all the tremendous success we've enjoyed at CBS," said Moonves. "And
the good news is that I feel even more enthusiastic about what my terrific team
and I will accomplish going forward. I am very gratified that my relationship
with CBS will continue into the future, and I look forward to building on all
of the exciting opportunities that lie ahead."
"This is terrific news for CBS and all of its
constituencies," added Sumner Redstone, executive chairman and founder, CBS
Corp. "Leslie's record as a CEO is not only among the best in media, it's
among the best in all of business. This agreement secures the Company
even further into the future, and it also further aligns and strengthens the
interests of the chief executive with those of our shareholders. I look
forward to all Leslie will continue to do as the genius that he is."