CBS Chairman and CEO Leslie Moonves brought in a compensation package totaling $69.3 million last year, a modest drop from his 2016 haul of $69.6 million, according to a filing with the Securities and Exchange Commission.
Moonves, who ranked among the highest-paid executives in American business in 2016, earned a $20 million bonus last year and received stock grants worth $43.7 million, on top of his annual salary of $3.5 million. The filing also revealed that former Time Warner head Richard Parsons has been nominated to join the CBS board of directors. He would take the place of Arnold Kopelson.
It’s clear that CBS prizes its chief executive. In a proposal this week to acquire Viacom, an independent committee of the CBS board proposed that he take the helm of the combined companies. It’s an offer that landed with a thud at Viacom.
The proxy also notes that CBS approved a new contract for Chief Operating Officer Joseph Ianniello in July 2017, almost a year ahead of his contract expiring in June 2018. The new employment agreement extends his tenure through June 20, 2022. At the same time, it renewed chief legal officer Lawrence Tu’s contract, which was set to expire in December 2017, through May 21, 2019.
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