Leslie Moonves Inks New Five-Year Deal With CBS Corporation
October 15, 2012 at 4:40 PM (PT)
LESLIE MOONVES has inked a new five-year deal to continue as President and CEO of CBS CORP. The deal, which keeps MOONVES' salary at the current level and includes bonuses and the ability to become Executive Advisor to the company, at his option, for four years after the end of the contract, supersedes his previous contract (which ran to 2015) and extends his reign through JUNE 30th, 2017.
"This is terrific news for CBS and all of its constituencies," said Exec. Chairman SUMNER REDSTONE. "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," said 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."