CBS Extends CEO Leslie Moonves's Contract Through 2021
May 22 2017 - 2:46PM
Dow Jones News
By Bowdeya Tweh
CBS Corp. said Monday it reached a two-year contract extension
with Chief Executive Leslie Moonves, who is now expected to stay
with the media company through June 30, 2021.
Mr. Moonves's annual salary remains at its current level of $3.5
million. Contract provisions regarding annual bonus payments and
other long-term incentives aren't changing with the extension.
Once his term as chief executive expires, Mr. Moonves, 67 years
old, can became a senior adviser to the company for an additional
five years. The agreement also includes an option for him to
establish a production company with CBS's support.
Mr. Moonves, who is also board chairman, has been the president
and CEO of CBS since its 2006 split from Viacom Inc. He joined CBS
in 1995 as president of entertainment and later served as president
and CEO of CBS Television from 1998 to 2004.
The extension comes less than six months after Sumner Redstone
and his daughter Shari Redstone ended a bid to merge Viacom and
CBS. The tie-up didn't advance far beyond preliminary stages and
Viacom sought a premium in the deal that Mr. Moonves deemed
unwarranted
Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com
(END) Dow Jones Newswires
May 22, 2017 14:31 ET (18:31 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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