Thanks to Dot for the heads up.
CBS just announced that it has extended CEO Les Moonves’ contract by two years to June 30, 2021 — with terms that guarantee he’ll continue to be one of the nation’s highest paid executives.
His salary will stay constant and, the release says, he’ll “continue to be eligible for an annual bonus and will receive long-term, performance-based incentives that further tie the value of the agreement to the success of the Company and its stock.”
The company hasn’t yet disclosed the estimated dollar value of the incentives.
When his term is up, he will become a senior advisor for five additional years with an option to “include an option to establish a production company under CBS’ auspices.”
Moonves was one of the nation’s 10 highest paid CEOs last year, making $69.6 million — a 22.5% increase vs. 2015 — according to CBS’ latest proxy. His latest package included a $3.5 million salary, a $32.0 million bonus, and $31.9 million in stock awards.
His salary will stay constant and, the release says, he’ll “continue to be eligible for an annual bonus and will receive long-term, performance-based incentives that further tie the value of the agreement to the success of the Company and its stock.”
The company hasn’t yet disclosed the estimated dollar value of the incentives.
When his term is up, he will become a senior advisor for five additional years with an option to “include an option to establish a production company under CBS’ auspices.”
Moonves was one of the nation’s 10 highest paid CEOs last year, making $69.6 million — a 22.5% increase vs. 2015 — according to CBS’ latest proxy. His latest package included a $3.5 million salary, a $32.0 million bonus, and $31.9 million in stock awards.
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