The extension comes as no surprise. Moonves has been with CBS since 1995 and has served as president and CEO since 2006, when CBS and Viacom were split into separate companies by controlling shareholder Sumner Redstone. The company, by any measure, has thrived on his watch.
CBS Corp. said the deal calls for Moonves’ base salary of $3.5 million to remain the same during the extension. Last year, Moonves’ ranked among the highest-paid CEOs of a public company with a compensation package of $69.6 million, most of it from stock grants and a $32 million cash bonus.
As with his previous contract that was to have expired in 2019, the extension stipulates that he will be become a senior advisor to CBS Corp. for five years after he steps down as CEO, and it includes an option for Moonves to set up a production pact at CBS, CBS said.
But given the number of contract extensions that Moonves has set during the past decade, it seems unlikely that he’s actually thinking about retirement in 2021.
Moonves joined the CBS network as entertainment president in 1995. He was upped to CBS chairman in 2003.