So The $32 Million Man has signed a new employment agreement that will keep him in place as president and CEO of CBS Corp through Feb. 22, 2015. His previous contract was set to expire in 2011. Under the terms of the agreement, Moonves’ salary remains at its current level, and he will continue to be eligible for an annual performance-based bonus and get equity-based compensation that ties his payout to the company’s stock performance. There hasn’t been an SEC proxy report filed yet containing Moonves’ 2009 compensation, but he was paid overall, including stock and option awards, about $32 million for 2008, down from $36.8 million in 2007. Moonves has indicated he would not take a pay raise in 2009, so we’ll see. CBS in today’s announcement also said the contract provides “incentives for Moonves to continue his relationship with the company at the end of the employment term” which sounds like a sweet deal.
“This is, above all, great news for every shareholder of CBS,” said controlling shareholder Sumner Redstone. “Leslie is a superb executive who has led CBS to a position of unparalleled leadership in the industry.” Moonves gushed, “I am very gratified that my relationship with the company will continue as we build on the strong foundation we have laid for ongoing growth and success.”