CBS Gives Moonves New 5-Year Contract

Salary will remain at its current level, along with stock incentives and performance bonuses

CBS announced Wednesday that it has agreed to a new five-year contract with Les Moonves, locking the company’s president and chief executive up before his current contract was set to expire in 2011.

Moonves’ new deal with the Eye will run through Feb. 22, 2015.

Here’s Sumner Redstone’s statement: “This is, above all, great news for every shareholder of CBS. Leslie is a superb executive who has led CBS to a position of unparalleled leadership in the industry.  This agreement not only secures the future of the Company for many years to come, it also further aligns and strengthens the interests of the chief executive with those of our shareholders.  I look forward to working with Leslie as we capitalize on all of the opportunities that lie ahead."

And one from Moonves: “"I have the privilege of working with the greatest team of people in this or any other business. I am very gratified that my relationship with the company will continue as we build on the strong foundation we have laid for ongoing growth and success."

Under the terms of the agreement, Moonves’ salary will remain at its current level, and he will continue to be eligible for an annual performance-based bonuses and stock incentives.

In 2008, Moonves total compensation was about $32 million, compared to $36.8 million in 2007.

More to read:

Moguls Lighten Their Wallets, but Not So's You'd Notice
CBS Profit Down in Q4, But Moonves Upbeat on Revenue