Moonves staying a while

CBS Corporation announced that Les Moonves has signed a new contract extending his employment as CEO through September 30, 2011. In announcing the new contract, CBS Executive Chairman praised Moonves. "What he has accomplished since we unleashed the new CBS Corporation has exceeded all my expectations. There is no better CEO in America, and I have no doubt that his success will only continue as he leads CBS into the next decade," said Redstone. Under the new contract, Moonves will actually receive a smaller salary - 3.5 million per year, down from 5.9 million, although that included 2.9 million in deferred compensation. But Moonves will heavy up on CBS stock. He gets a one time option to purchase five million shares and he gets restricted stock units valued at 7.6 million per year.

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