Under the terms of the agreement, Moonves' salary remains at its current level. As before, he will continue to be eligible for an annual bonus and will receive long-term, performance-based incentives that further tie the value of the agreement to the success of the Company and its stock. The agreement provides for Moonves to become a senior advisor to the Company for an additional five years, and will include an option to establish a production company under CBS' 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, Moonves was named President and CEO of the newly formed CBS Corporation when it became a stand-alone, publicly traded company. In 2016, he was named Chairman as well.