CBS extends CFO Ianniello's contract to 2022

CBS
Joe Ianniello
Joe Ianniello

CBS will keep CFO Joe Ianniello with the company through June 2022.

In a new SEC filing, CBS said that Ianniello will maintain his operating responsibilities and have oversight of all of the company’s financial operations.

Ianniello’s annual base salary will remain the same for the first two years and then jump to $2,750,000 for the remainder of the employment term. His target bonus for the 2017 and 2018 calendar years will be increased to 450% of his annual base salary, and for the 2019 and subsequent calendar years will again be increased to 500%.

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CBS also extended the employment contract for Lawrence Tu, senior executive vice president and chief legal officer, through May 2019. Tu’s annual base salary will increase to $1,350,000 and his target bonus for each calendar year will remain 200% of his annual base salary.

RELATED: CBS signs on CEO Moonves until 2021

The contract extensions for Ianniello and Tu come after earlier this year CBS announced that CEO Les Moonves would be staying with the company until 2021.

Moonves reupped with CBS after a 2016 where his total compensation rose nearly 22%. His base salary stayed at $3.5 million, but he got a $32 million bonus and $31.9 million in stock awards, both up from what he received in 2015.

“The 2016 fiscal year was exceptional for CBS Corporation as it continued to achieve success on key financial results from the prior year,” according to an SEC filing. “This strong performance resulted from the leadership of Mr. Moonves and his senior management team in executing on key strategic growth initiatives and other key strategies, including continuing to strengthen the Company’s financial position, capitalizing on the value of its premium content and maximizing advertising revenues.”

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