CBS Corp. is not about to lose Leslie Moonves.
The 63-year-old chief executive has signed a new five-year deal, long in advance of his previous contract expiring in 2015.
Moonves' new employment agreement, announced Monday, will keep the veteran television executive at the helm of the media company at least through June 2017.
“This agreement secures the company even further into the future," Sumner Redstone, the company's chairman said.
The terms of the new contract stipulates that Moonves’ salary will remain at its current level, CBS said in a statement. Moonves, however, will continue to be eligible for a performance-based bonus each year as well as other compensation. Last year Moonves received nearly $70 million.
In 2017, Moonves will become eligible to serve as an executive advisor to the company for an additional four years. In addition, during that term, Moonves will have the option to launch a production company financed by CBS.