Leslie Moonves Extends CBS Contract

NEW YORK: Leslie Moonves has signed a new five-year agreement to remain as the president and CEO of CBS Corporation through June 2017. 

His current agreement was to conclude in 2015. Under the terms of the new contract, Moonves’ salary will stay at its current level, though he will be eligible for an annual performance-based bonus and will receive equity-based compensation. At the end of his new term, Moonves will become eligible to hold the post of executive advisor for an additional four years.

"This is terrific news for CBS and all of its constituencies," said Sumner Redstone, the executive chairman and founder of CBS Corporation. "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."

"I take great pride in all the tremendous success we’ve enjoyed at CBS," added Moonves. "And the good news is that I feel even more enthusiastic about what my terrific team and I will accomplish going forward. I am very gratified that my relationship with CBS will continue into the future, and I look forward to building on all of the exciting opportunities that lie ahead."