Don’t worry, CBS; Les Moonves is sticking around for a while.
CBS Corporation president and CEO Moonves has reached an agreement with the company to remain through at least June 2019, CBS announced Thursday.
The new agreement supersedes Moonves’ previous contract with CBS, which was due to conclude in 2017.
Moonves’ salary will remain at its current level, however, and he will continue to be eligible for annual bonuses and equity-based compensation.
When his newly established term comes to an end, Moonves, 65, will become an executive adviser to the company for another five years, with the option to establish a production company under CBS’s auspices.
Moonves began his run with CBS as president of entertainment in 1995, ascending to his current position in 2006, when Viacom split into two publicly traded companies and Moonves became president and CEO of the newly formed CBS Corporation.