CBS Chief Executive Leslie Moonves' compensation package is kind of like "American Idol's" ratings. 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.