Les Moonves' Salary Down In 2008
April 27, 2009 at 5:25 AM (PT)
CBS CEO LES MOONVES' compensation package is kind of like "American Idol's" ratings, writes THE L.A. TIMES. "It may be down from last year, but it's still a pretty big number. Moonves' overall compensation, including stock and option awards, for 2008 was valued at about $32 million, compared with $36.8 million in 2007, according to the company's proxy report filed FRIDAY with the Securities and Exchange Commission. His salary and bonus totaled $13 million, down from $23.8 million in 2007."
"CBS Chairman SUMNER REDSTONE's compensation jumped to $11.9 million in 2008 from $9.7 million in 2007. REDSTONE's salary and bonus from CBS for 2008 also got a bump to $6.5 million, compared with $6.2 million in 2007. REDSTONE also netted $6.3 million in 2008 as chairman of VIACOM INC.
"MOONVES' base pay fell to $3.5 million from $5.3 million in 2007, while his bonus was cut almost in half to $9.5 million in 2008 as CBS stock lost 70% of its value last year. CBS said its bonus amounts are set by its board of directors and that MOONVES was awarded a bonus because the company surpassed its free-cash-flow target in 2008 despite the economy.
"CBS has endured a tough two years. Its radio operations have been struggling for the last few years, and in the first quarter of this year CBS cut its dividend by 81%.
"MOONVES has indicated he will not take a pay raise in 2009."