US media giant CBS Corp has extended chief executive Leslie Moonves’ contract for an additional two years — meaning he will now remain in charge until at least 2021. Moonves, who joined CBS in 1995, will be 71 years-old at that time, though no one is ruling out the possibility of further extensions.
Even if Moonves does decide to quit in 2021, his contract includes an attractive exit package, under which he will become a senior advisor to CBS for an additional five years. He also will have an option to form a production company financed by CBS.
In terms of wages, Moonves earns a basic US$3.5 million (€2.8 million) a year.
But in 2016 he also earned a US$32 million cash bonus in recognition of his successful stewardship of the firm. A shrewd operator, Moonves is widely acknowledged as having turned CBS around, transforming it into a market-leading network at a time of great disruption both for the industry and for his firm.
Moonves became president and CEO of CBS Corp. in 2006 when the company was split from Viacom Inc. to become a stand-alone, publicly traded business. In 2016, Moonves was also named as chairman, replacing controlling shareholder Sumner Redstone, who has been in poor health recently.