Les Moonves Takes A 76% Pay Cut
June 25, 2009 at 7:28 AM (PT)
Last year was painful for CBS CORP. shareholders, writes CRAINS NEW YORK. "The broadcaster’s stock price fell by two-thirds, and it posted an $11.7 billion net loss due to the slump in advertising and enormous asset write-downs across the board in its television, radio, and billboard divisions. About 2,000 employees, or 8% of the workforce, lost their jobs.
"Chief Executive LESLIE MOONVES took a hit, too -- to some degree. His compensation was slashed by 76% last year, according to data from SALARY.COM. The only CEOs on the CRAIN’s Fortunate 100 list to take a bigger hit were SIMON BORROWS and SCOTT BOK, the co-heads of investment banking boutique GREENHILL & CO. who each took 78% reductions.
"Still, MOONVES took home an ample $13.6 million, meaning he got paid more than all but 29 other NEW YORK CEOs, including the heads of IBM and COLGATE-PALMOLIVE who steered their companies to higher profits during the gruesome economy."