CBS Corp. extended Leslie Moonves contract through June 2012 (Julie Jacobson / Associated…)
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.
Moonves joined CBS in 1995 as president of entertainment. He and his team slowly revolutionized the network from last to first place in the ratings, where it has remained No. 1 for nine of the last 10 years. The network boasts such hit shows as "NCIS," "The Big Bang Theory" and "Two and a Half Men."
In 1998, Moonves was promoted to chief executive of CBS Television before the company was acquired Viacom Inc. In 2006, Viacom split its businesses into two publicly traded companies, Viacom and CBS Corp. Moonves then was named president and chief executive of the newly formed CBS Corporation.
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