Leslie Moonves has signed a two year extension of his contract to remain prexy-CEO of CBS Corporation which see him retain that position until at least the end of 2019.
Moonves, 65, grew up in a Jewish family in New York City.
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Under the extension his base salary, which was $3.5 million in 2013, will remain the same. That year his total pay package, including bonuses, reached $66.9 million. That makes him one of the highest paid executives in the entertainment industry.
According a press release from CBS, “As before, he will continue to be eligible for an annual performance-based bonus and will receive equity-based compensation that further ties the value of the agreement to the performance of the Company’s stock. “
After 2019, Moonves will stay on with CBS as an executive advisor for five more years. He will also have the option to establish a production company under CBS’s auspices.
Moonves came to CBS in 1995 as President of Entertainment. He was promoted to President and CEO of CBS Television in 1998, became its Chairman in 2003, and was later named Co-President and Co-Chief Operating Officer of Viacom and Chairman of CBS in 2004. In 2006, when Viacom split its businesses into two publicly traded companies, Moonves was named President and CEO of the newly formed CBS Corporation.