CBS CEO Les Moonves Takes Home Close To $70 Million
April 16, 2012 at 5:06 AM (PT)
CBS CORP. CEOP LESLIE MOONVES is one of the top paid media executives, according to an SEC filing from the company. MOONVES had a 2011 compensation package valued at $69.9 million. MOONVES' base salary was $3.5 million.
"This seems out of control," Executive Compensation Consultant JAMES F. REDA told THE LOS ANGELES TIMES. "Usually a bonus is two times a person's base salary, so that would be $7 million. I'm not sure how CBS got to $27 million. And he received stock and options worth $35 million? What is the CBS board thinking?"
CBS defended the package, telling THE TIMES that CBS' stock soared 42% last year.
"CBS significantly outpaced the industry in 2011 in terms of shareholder return. In fact, the company is the second best performing stock in the entire S&P 500 since MARCH of 2009.... The vast majority of this year's pay is once again keyed to performance-based measures, closely aligning the overall value of the compensation with that of the company's shareholders."