In an SEC filing made public Friday, CBS Corp. said acting CEO Joe Ianniello, whose contract was extended this week though the end of 2019, will get at least $23 million in total compensation for staying in the role.
The terms spelled out in the filing are not a significant change from what had already been stipulated by the five-year contract Ianniello signed in 2017.
The decision on April 23 by the CBS board to extend Ianniello’s contract and suspend the search for a permanent CEO has been widely interpreted as a signal that on-again, off-again merger talks with Viacom could soon resume.
In 2018, Ianniello received $27.4 million in total compensation. He stepped in as interim CEO when longtime chief Les Moonves left the company last September after a wave of sexual assault and harassment allegations.
Ianniello’s new pay package consists of $3 million in base salary and a target bonus of 500% of base salary, or $15 million. He will get “not less than such target bonus,” according to the filing, which is dated April 23. The remainder will be a $5 million lump-sum cash payment.
If someone other than Ianniello is picked as CEO or a “corporate event” occurs, Ianniello will become a consultant with the company for up to 90 days, receiving the same base pay and target bonus. If Ianniello were to resign from the company during that period, a percentage of the $5 million cash payment can be recouped by the company.
If Ianniello’s employment “ceases for any reason other than for ’cause,'” per the agreement, he will receive a lump-sum cash payment of $10 million as severance.