New CBS-Moonves Deal: Salary Down, Equity Up
October 17, 2007 at 5:41 AM (PT)
It's less salary but more equity for LES MOONVES, as the CBS CORPORATION CEO inks a new deal with the company to stay at the helm through SEPTEMBER, 2011. MOONVES, whose previous contract was set to expire in JUNE, 2009, will make a base salary of $3.5 million per year, down from $5.9 million, plus bonuses and equity based on the company's stock performance. He also will get a one-time option to buy 5 million shares of Class B common stock and $7.6 million per year of restricted stock units.
The move follows shareholder agitation for reduced pay for the company's executives, an issue that created a conflict between Chairman SUMNER REDSTONE and his daughter, board member SHARI REDSTONE.