03/28/2008 02:45 am ET Updated May 25, 2011

Moonves Locks In Four-Year Deal At CBS

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.

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