Leslie Moonves Extends CBS Contract Through June 2019

LOS ANGELES: Leslie Moonves has extended the term of his employment contract with CBS Corporation to remain as president and CEO through June 30, 2019.

His previous contract was set to conclude in 2017. Under the terms of the agreement, Moonves’ salary remains at its current level, though he will continue to be eligible for an annual performance-based bonus and will receive equity-based compensation that further ties the value of the agreement to the performance of the company’s stock.

At the end of his new term, Moonves will become an executive advisor to the company for an additional five years, and will have the option to establish a production company under CBS’s auspices.

Moonves joined CBS in 1995 as president of entertainment. He became president and CEO of CBS Television in 1998, later being promoted to chairman in 2003. He was named co-president and co-COO of Viacom and chairman of CBS in 2004. When Viacom split into two publicly traded companies in 2006, Moonves was named president and CEO of the newly formed CBS Corporation.