Leslie Moonves will be at the helm of CBS Corp for at least five more years. As had been speculated, the company announced today that Moonves has signed a new agreement to continue as president and CEO through June 30, 2017. Moonves’ existing contract was to expire in February 2015 and gave him an option to segue into a role as an executive adviser or CBS-based producer at the end of his term. That contract has now been ripped up and replaced by the new one, which also provides an option for Moonves to become a CBS executive adviser for four years and launch a CBS-funded production company when it’s up. The new contract will bring Moonves’ tenure at CBS to 22 years — he joined the broadcast network in 1995 as president of entertainment. “Leslie’s record as a CEO is not only among the best in media, it’s among the best in all of business,” said Sumner Redstone, CBS Corp’s executive chairman and founder. “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.”

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Under 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. Moonves’ compensation package of $69.9 million, a 21% raise, made him the industry’s top-paid executive of 2011. “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.” According to the company, CBS Corp has become the best-performing media stock in each of the past three years.