CBS Corporation President and CEO Les Moonves won’t be going anywhere else. He’s signed a new employment contract which will keep him at the company through February 22, 2015.
The new agreement supersedes Moonves’ prior contract, which would have going into next year. The CEO will not be getting any increase in his base salary, but he is eligible for substantial stock compensation and an annual performance-based bonus. We’ll learn the details when CBS files the contract with its annual 10-K report to the SEC.
“This is, above all, great news for every shareholder of CBS,” said Sumner Redstone, Executive Chairman and Founder, CBS Corporation. “Leslie is a superb executive who has led CBS to a position of unparalleled leadership in the industry. This agreement not only secures the future of the Company for many years to come, it also further aligns and strengthens the interests of the chief executive with those of our shareholders. I look forward to working with Leslie as we capitalize on all of the opportunities that lie ahead,” Redstone added.
“I have the privilege of working with the greatest team of people in this or any other business. I am very gratified that my relationship with the Company will continue as we build on the strong foundation we have laid for ongoing growth and success,” said Moonves.
CBS recently reported that both its radio and television businesses improved in Q4, with positive pacings for Q1.
RBR-TVBR observation: With business starting on the upswing after a couple of tough years, it looks like Les can expect some substantial performance-based compensation over the course of this new five-year contract.