CBS Extends Leslie Moonves Contract to June 2021
The new agreement replaces one that was to expire in 2019.
CBS will keep Leslie Moonves as its CEO through June 30, 2021, the company said Monday.
The CEO's previous contract had him relinquishing his title in mid-2019. His new contract stipulates that his salary will remain at its current level, and that he will be eligible to receive bonuses and other long-term incentives.
Moonves received compensation of $69.6 million in 2016, up 22.5 percent compared with $56.8 million in 2015 and up from $57.2 million in 2014, according to SEC filings. The majority of Moonves' pay is performance-based and comes in the form of a bonus and stock and options awards.
At the end of his new term, Moonves will become an executive adviser to CBS for an additional five years and he'll have the option to establish a production company under the auspices of CBS.
Moonves came to CBS in 1995 as president of entertainment. He was promoted to president and CEO in 1998, and became its chairman in 2003. In 2006, he was named president and CEO of the newly formed CBS Corp. when it became a stand-alone company.
This article originally appeared on The Hollywood Reporter.