Moonves Locks In Four-Year Deal At CBS

Variety:

CBS Corp. has struck a new long-term employment contract with prexy and CEO Leslie Moonves that will keep him at the helm of the Eye through 2011.

Pact reduces his base annual compensation to $3.5 million from $5.9 million but adds incentives that will allow him to pull down more coin if CBS Corp. stock does well. Moonves' previous rich pay package -- the Associated Press estimated his total 2006 haul at $24.5 million, including a $15 million bonus -- had been a lightning rod for corporate governance watchdog groups.

Under the new agreement, Moonves will have the opportunity to buy 5 million shares in CBS stock options that will vest in installments over the next four years. He will also be eligible for a performance-based bonus on top of his base salary.

Read the whole story: Variety

Comments

[manymoons]

07:59 PM on 10/17/2007

He's lucky he didn't get fired. I hope CBS tanks.

[meandmagoo]

05:03 PM on 10/17/2007

Well,Julie Chen did screw the right guy after all.

[juleso]

02:08 PM on 10/17/2007

Sumner Redstone is delusional keeping this guy on. I hope Rather gets him to court so everyone will be exposed to what a lowlife this guy really is

[ajax2]

01:29 PM on 10/17/2007

Moonves has taken a News Desk and turned it into a variety show, dancing bears and clowns.

[blowoutfan]

01:01 PM on 10/17/2007

Poor fellow should go into the oil industry. They do much better.

[WilliamWallace]

12:57 PM on 10/17/2007

So, Les is More?

[mrcontinental]

12:26 PM on 10/17/2007

Les pimped Katy out for the evening and got to keep his job with a major pay cut. What a guy.

[sword]

12:18 PM on 10/17/2007

There is an assemblage of not more than 200 tuxedo-wearing, thin-chinned semites that hop from one position to another like electrons on an atom, never to be completely ejected. It is cabalistic.

[Ducandy]

11:48 AM on 10/17/2007

Jews.

[mabinog]

11:30 AM on 10/17/2007

Holy crap, his pay was cut almost in half, how will the poor f@cker survive?

[revko]

11:20 AM on 10/17/2007

Wow, Bush should give Moonves another tax cut for bein' such a sacrificin' kinda guy.

[Ginzaman]

10:59 AM on 10/17/2007

Makes tons of money and has the babe wife as well. Being a corporate hack pays very well indeed...

[bajanbeauty]

03:57 PM on 10/17/2007

Chen, the Chenbot a babe? Not. Make no mistake however, she was bought and paid for. She's a third rate journalist. Just the type Les would go for. Someone who has difficulty separating entertainment from news. It's little wonder she's held her job at CBS Morning. No doubt without Les at the helm, she'd be history, and rightly so. Lightweight fluff journalist.

[bluesky49876]

10:54 AM on 10/17/2007

Well, of course...in corporate america the CEOs and the Presidents types are well rewarded for their stupidity.

[godlessclif]

10:34 AM on 10/17/2007

So that is what Sumner Redstone's gopher looks like.

[baygirl]

09:57 AM on 10/17/2007

This guy is such a phoney loser. Ugh. I wish CBS all the worst.