Does any CEO deserve to be paid that much money? That’s a good question to debate, though CBS shareholders might not raise bitter objections about Les Moonves‘ compensation for a year when the value of their shares appreciated 67.5%. The company just disclosed his pay package in a proxy filing at the SEC and it shows: $3.5M salary, $28.5M bonus, $26.5M stock awards, $5.8M option awards, $1.3M change in pension value, and $1.2M in other compensation. The “other” category includes $533,527 for car and driver, and personal use of the company jet, as well as $531,152 for security. The board credits Moonves for providing “leadership in delivering exceptional results” citing CBS’ strong ratings, retransmission deals with Time Warner Cable and Verizon, and sales agreements for Under The Dome, Dexter, and The Good Wife. It appears that Executive Chairman Sumner Redstone also gets credit for something: His compensation jumped 82.6% to $57.2M, which the board also attributes to his overseeing CBS in a period when it had “exceptional results.” The board still treats Moonves like a rock star: He accounted for 41% of the compensation that went to the five highest-paid execs. His package is 3.9 times the median for his four closest colleagues (including Redstone). CBS will hold its annual meeting on May 22 in Los Angeles.
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