NEW YORK, Oct. 15, 2012 /PRNewswire/ -- CBS Corporation (NYSE: CBS and CBS.A) announced today a new agreement with President and Chief Executive Officer Leslie Moonves. The agreement supersedes his prior contract, which was to conclude in 2015, and extends his term with CBS Corporation through June 30, 2017.
"This is terrific news for CBS and all of its constituencies," said Sumner Redstone, Executive Chairman and Founder, CBS Corporation. "Leslie's record as a CEO is not only among the best in media, it's among the best in all of business. This agreement secures the Company even further into the future, and it also further aligns and strengthens the interests of the chief executive with those of our shareholders. I look forward to all Leslie will continue to do as the genius that he is."
"I take great pride in all the tremendous success we've enjoyed at CBS," said Moonves. "And the good news is that I feel even more enthusiastic about what my terrific team and I will accomplish going forward. I am very gratified that my relationship with CBS will continue into the future, and I look forward to building on all of the exciting opportunities that lie ahead."
Under the terms of the agreement, Moonves' salary remains at its current level. As before, he will continue to be eligible for an annual performance-based bonus and will receive equity-based compensation that further ties the value of the agreement to the performance of the Company's stock. At the end of his new term, Moonves will become eligible, at his discretion, to hold the position of an executive advisor to the Company for an additional four years. In addition, during that term, Moonves has the option to establish a production company under CBS's auspices.
Moonves came to CBS in 1995 as President of Entertainment. He and his team proceeded to take the Network from last to first place in the ratings, where it has remained #1 for nine out of the last ten years. Moonves was promoted to President and CEO of CBS Television in 1998, became its Chairman in 2003, and was later named Co-President and Co-Chief Operating Officer of Viacom and Chairman of CBS in 2004. In 2006, when Viacom split its businesses into two publicly traded companies, Moonves was named President and CEO of the newly formed CBS Corporation.
Since that time, Moonves has led the way as CBS has capitalized on a number of developing growth opportunities including retransmission consent fees, international syndication sales and the licensing of the Company's content for digital streaming. These and other initiatives have helped CBS become the best-performing media stock in each of the last three years.
For more information regarding the agreement, please see the Company's Form 8-K to be filed with the Securities and Exchange Commission, which further describes the employment agreement.
SOURCE CBS Corporation