Deal supersedes prior contract that would've ended in 2011 and extends his employment with CBS through Feb 22, 2015.
CBS CORPORATION ANNOUNCES NEW, FIVE-YEAR EMPLOYMENT AGREEMENT WITH PRESIDENT AND CHIEF EXECUTIVE OFFICER LESLIE MOONVES
New Agreement Supersedes Prior Contract and Extends Employment
through February 2015
CBS Corporation (NYSE: CBS and CBS.A) announced today a new employment agreement with President and Chief Executive Officer Leslie Moonves. The agreement supersedes the prior contract, which was to conclude in 2011, and extends his employment with the CBS Corporation through February 22, 2015.
"This is, above all, great news for every shareholder of CBS," said Sumner Redstone, Executive Chairman and Founder, CBS Corporation. "Leslie is a superb executive who has led CBS to a position of unparalleled leadership in the industry. This agreement not only secures the future of the Company for many years to come, it also further aligns and strengthens the interests of the chief executive with those of our shareholders. I look forward to working with Leslie as we capitalize on all of the opportunities that lie ahead."
"I have the privilege of working with the greatest team of people in this or any other business," said Moonves. "I am very gratified that my relationship with the Company will continue as we build on the strong foundation we have laid for ongoing growth and success."
Under the terms of the agreement, Moonves' salary remains at its current level. As before, he will continue to be eligible for an annual performance-based bonus and will receive significant equity-based compensation that ties the value of the agreement to the performance of the Company's stock. The Company has also provided incentives for Moonves to continue his relationship with the Company at the end of the employment term.
For more information regarding the agreement, please see the Company's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission, which attaches a copy of the employment agreement.
About CBS Corporation
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW – a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime Networks and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Television Studios, CBS Studios International and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products), video/DVD (CBS Home Entertainment) and motion pictures (CBS Films). For more information, log on to http://www.cbscorporation.com/.