CBS Corp. acting CEO Joseph Ianniello will not receive extra compensation for taking on the role as CBS’ interim leader following the forced resignation earlier this month of longtime chairman-CEO Leslie Moonves.
CBS disclosed in a Securities and Exchange Commission filing on Thursday that Ianniello would not receive addition pay after he stepped into the acting CEO role on Sept. 9. The filing also discloses that Ianniello is entitled to leave the company for good reason — with his full hefty severance package — if a permanent CEO is not named by June 30.
The filing expressly states that CBS has begun the search for the permanent CEO and that Ianniello is a candidate who will “be afforded good faith consideration.” Ianniello’s close association with Moonves has been seen as a handicap for the executive in securing the permanent CEO title at the company where he has worked for more than 20 years. It’s understood that CBS’ board and Ianniello discussed the issue of a raise as he took on acting CEO duties and both sides decided to forgo any change in his salary until the decision on a permanent CEO is made.
The filing also details CBS’ separation agreement with longtime chief communications officer Gil Schwartz, who will retire as of Nov. 1. Schwartz will leave with approximately $7.3 million in salary and bonuses and stock awards, most of which will be paid out over 18 months.
Schwartz is bound by a non-disparagement agreement that bars him from “directly or indirectly, publicly criticize, ridicule or make any statement or announcement that disparages or is derogatory” of CBS or its board of directors.
The agreement notes that Schwartz is active as a business and humor writer under the pseudonym of Stanley Bing. Schwartz is also prohibited in his “professional literary activities” from trashing CBS or related entities, or as the agreement puts it, Schwartz may not “write, publish, publicly speak on, or collaborate in the writing, publication, or presentation of any book, article, essay, speech or lecture concerning any aspect of your employment with the CBS that criticizes, ridicules, disparages or is derogatory of the CBS Parties,” according to the filing.