Leslie Moonves' Pay Down At CBS, But Still Over $62 Million
April 15, 2013 at 4:31 AM (PT)
CBS CORPORATION CEO LESLIE MOONVES took an 11% pay cut but still took home $62,157,026 in total compensation for 2012. The pay, which includes $3.5 million in cash plus $27.5 million in cash bonuses and more in stock awards and options and pension increases, was disclosed in a proxy statement filed with the SEC on FRIDAY (3/12).
"Mr. MOONVES provided leadership in delivering record-breaking results in key metrics in a macroeconomic environment that has been slow to recover," CBS said in the proxy statement. "He provided the leadership under which the Company's stock price once again outperformed the average of its diversified media peers and the S&P 500. Together with his senior management team, he focused division and corporate unit management to grow OIBDA, expand margins and deliver on FcF goals.
"He continued to demonstrate consistent leadership in driving continued ratings successes ... He also advanced strategic plans to develop cross-platform opportunities among core assets. Under Mr. MOONVES' leadership, the Company continued to return significant value to shareholders as demonstrated by a total shareholder return that was a top-performer among its diversified media peers and an increase in both the share repurchase program and the dividend.
"The Compensation Committee also acknowledged Mr. MOONVES' successes in management development and human resources, including his involvement in acquiring key executive and creative talent, his execution of the Company's succession planning and diversity programs and his leadership in fostering a remarkably stable senior management team.
"Mr. MOONVES was instrumental in continuing to lead the CBS Television Network in solidifying its #1 position in key ratings measures and further outpacing the competition with his direct involvement in developing and securing high quality programming and maintaining CBS' reputation as one of the most highly desirable organizations for top creative talent."