Redstone’s payday as executive chairman soared 83 percent, while Moonves enjoyed a 7 percent raise as CEO
CBS honchos Sumner Redstone and Les Moonves both got bigger paydays in 2013, according to a U.S. Securities and Exchange Commission filing released on Friday.
Redstone, who pulls in hefty compensation from Viacom in addition to CBS, saw his total compensation swell 82.6 percent to $57.2 million as CBS Executive Chairman.
Moonves, who is CEO for CBS, saw his total compensation for leading the broadcast network rise more than 7 percent to $66.9 million.That lofty figure encompasses $3.5 million in salary, $28.5 million in bonuses and $26.5 million in stock awards, as well as options and changes in Moonves’ pension value.
Shareholders may not mind, as CBS’ stock climbed nearly 70 percent last year, while revenues and earnings jumped 9 and 19 percent, respectively.
Moonves oversees hit television shows such as “Two and a Half Men,” “The Big Bang Theory” and “The Good Wife,” but took a pay cut in 2012. The network chief’s total compensation dropped 11 percent that year to $62.2 million. Though the arrow pointed upward again, Moonves’ 2013 payday fell short of his 2011 windfall, when he received $69.9 million in total compensation.
CBS Chief Operating Officer Joseph R. Ianniello nearly doubled his compensation from $12.2 million to $24.6 million. Ianniello renewed his contract with the media company last June, receiving a compensation boost, and will remain in place into 2018.
Moonves’ benefits included $533,527 in travel related expenses, including the use of the CBS jet and a car and driver, as well as $531,152 in security costs. Redstone spent just over $8,000 on travel, the filings reveal.
In addition to his CBS compensation, Redstone received $36.2 million in stock, salary and other benefits for his work as chairman of Viacom. At Viacom, CEO Philippe Dauman received roughly half of Moonves’ compensation package, a figure that topped out at $37.2 million in 2013.