CBS today announced a contract extension for CEO Les Moonves that will keep him at the helm of the company through June 2021.
Under the new deal, Moonves' salary will stay at its current level and he will remain eligible for an annual bonus and long-term, performance-based incentives that further tie the value of the agreement to the success of the company and its stock, according to a news release.
The agreement will allow Moonves to become a senior adviser to CBS for an additional five years and gives him the option to establish a production company under CBS' auspices.
The renewal for Moonves comes after a 2016 where he pulled nearly 22% more in total compensation after a strong year for CBS. 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.”
Moonves has been with CBS since 1995, was promoted to president and CEO of CBS Television in 1998, and became its chairman in 2003. In 2006, Moonves was named president and CEO of the newly formed CBS Corporation.