CBS Corp. has announced that it’s extended CEO Les Moonves‘ contract to 2015. Sumner Redstone, Executive Chairman and Founder of CBS Corp, said, “Leslie is a superb executive who has led CBS to a position of unparalleled leadership in the industry.” Moonves’ salary will remain at its current level. Press release after the jump.
CBS Corporation Announces New, Five-Year Employment Agreement with President and Chief Executive Officer Leslie Moonves
New Agreement Supersedes Prior Contract and Extends Employment through February 2015
NEW YORK, Feb. 24 /PRNewswire-FirstCall/ — CBS Corporation (NYSE: CBS and CBS.A) announced today a new employment agreement with President and Chief Executive Officer Leslie Moonves. The agreement supersedes the prior contract, which was to conclude in 2011, and extends his employment with the CBS Corporation through February 22, 2015.
“This is, above all, great news for every shareholder of CBS,” said Sumner Redstone, Executive Chairman and Founder, CBS Corporation. “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.”
“I have the privilege of working with the greatest team of people in this or any other business,” said Moonves. “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 remains at its current level. As before, he will continue to be eligible for an annual performance-based bonus and will receive significant equity-based compensation that ties the value of the agreement to the performance of the Company’s stock. The Company has also provided incentives for Moonves to continue his relationship with the Company at the end of the employment term.
For more information regarding the agreement, please see the Company’s Annual Report on Form 10-K to be filed with the Securities and Exchange Commission, which attaches a copy of the employment agreement.