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Les Moonves Re-Ups With CBS Through 2017

Moonves' contract was set to expire in 2015

Les Moonves, chairman and CEO of CBS Corp., has re-upped his contract with the company through 2017.

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Moonves' contract was set to expire in 2015. The new pact supersedes that contract.

Under the agreement, Moonves' salary will remain static, and he will continue to be eligible for an annual performance-based bonus. Moonves will also continue to receive equity-based compensation tied to the company's stock.

Also read: Les Moonves' $69.9M Makes Him Highest-Paid Media CEO of 2011 — So Far

Calling Moonves a "genius," CBS Corp. executive chairman and founder Sumner Redstone said that the extension is "terrific news" for the network.

“This is terrific news for CBS and all of its constituencies,” Redstone said.  “Leslie’s record as a CEO is not only among the best in media, it’s among the best in all of business.  This agreement secures the Company even further into the future, and it also further aligns and strengthens the interests of the chief executive with those of our shareholders.  I look forward to all Leslie will continue to do as the genius that he is.”

Moonves' tenure with CBS began in 1995 as president of entertainment. He assumed his current position in 2006, after parent company Viacom split into two publicly traded companies.