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NEW YORK President and CEO Leslie Moonves is staying with CBS Corp. at least through Sept. 30, 2011 under a new employment agreement signed Tuesday that extends his contract and more closely ties his compensation to the company’s stock performance.
Under the terms of the agreement, Moonves’ salary is $3.5 million per year, versus $5.9 million in the previous contract, which included $2.9 million in deferred compensation.
Moonves will also be eligible for an annual performance-based bonus and will receive equity-based compensation that ties his payout to the performance of the company’s stock.
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