CBS Extends Leslie Moonves Contract Into 2019
At the end of his term, Moonves has the option to establish a production company associated with CBS
CBS will keep Leslie Moonves as its CEO through June 30, 2019, the company said Thursday.
The CEO's previous contract had him relinquishing his title in mid 2017.
At the end of his new term, Moonves will become an executive adviser to CBS for an additional five years and he'll have the option to establish a production company under the auspices of CBS.
His contract stipulates that his base salary won't change from $3.5 million. The bulk of his compensation, though, comes from bonuses. In 2014, Moonves made $66.9 million, up from $62.2 million a year prior.
CBS has done remarkably well under Moonves, who started with the company in 1995 as president of entertainment and was named CEO in 2006 when CBS was split from Viacom. Since the split, shares of CBS have risen about 150 percent compared to about 60 percent for the S&P 500.
Last month, CBS reported its third-quarter revenue rose 2 percent to $3.37 billion with net earnings that soared 232 percent to $1.64 billion, though mostly because of one-time gains associated with the the July 16 split off of CBS Outdoor Americas.