CBS Reups Moonves Until 2015

CBS Corp. has signed CEO Leslie Moonves to a new deal that will keep him at the helm of the media company through February 22, 2015.

Per the terms of his new contract, Moonves’ salary remains at its current level ($3.5 million, as established in a previous agreement dated Oct. 15, 2007). That said, he’ll continue to be eligible for an annual performance-based bonus and CBS will also compensate Moonves in accordance with gains in the company’s share price.

According to an April 2009 filing with the Securities and Exchange Commission, Moonves earned a $9.5 million bonus in 2008, or about half of the $20.3 million in extra pay that he hauled in the previous year. The value of CBS’ stock dwindled by some 70 percent in 2008.

A 15-year CBS veteran, Moonves joined the company in 1995 as entertainment president. He was named chairman and CEO of CBS in 2003, a year before taking the reins as co-president and chief operating officer of  Viacom. He assumed control of CBS in 2005, upon the company’s split from Viacom.

 Moonves’ previous contract was set to expire in Feb. 2011.

“I have the privilege of working with the greatest team of people in this or any other business,” Moonves said. “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.”

Shares of CBS closed at $13.20 Wednesday, up 165 percent from its year-ago closing price of $4.98.