CBS Extends Contract For CEO Les Moonves

Les Moonves

CBS Corporation announced Thursday a new agreement with President and Chief Executive Officer Leslie Moonves that supersedes his prior contract, which was to conclude in 2017, and extends his term with CBS Corporation by two years, through June 30, 2019.

Under the terms of the agreement, Moonves' salary remains at its current level. As before, he will continue to be eligible for an annual performance-based bonus and will receive equity-based compensation that further ties the value of the agreement to the performance of the Company's stock.

At the end of his new term, Moonves will become an executive advisor to the Company for an additional five years, and will have the option to establish a production company under CBS's auspices.

Moonves came to CBS in 1995 as President of Entertainment. He was promoted to President and CEO of CBS Television in 1998, became its Chairman in 2003, and was later named Co-President and Co-Chief Operating Officer of Viacom and Chairman of CBS in 2004. In 2006, when Viacom split its businesses into two publicly traded companies, Moonves was named President and CEO of the newly formed CBS Corporation.