Leslie Moonves has extended his CBS deal for two more years, the company announced on Monday. Additionally, their new agreement will also provide for the publicly-traded corporation’s chairman, president and CEO to become a senior advisor there for an additional five years.
Moonves keeps his option to establish a production company under CBS’ auspices. The deal will keep Les in place through June 2021.
Under the terms of the extension, Moonves will remain at his current salary level, which is $3.5 million per year. As before, the chief will continue to be eligible for an annual bonus and will receive longterm, performance-based incentives.
Moonves first came to CBS in 1995 as president of Entertainment. He was promoted to president and CEO of CBS Television in 1998, became its chairman in 2003, and was later named co-president and co-chief operating officer of Viacom and chairman of CBS in 2004.
In 2006, Moonves was named president and CEO of the newly formed (and standalone) CBS Corporation. In 2016, he added the chairman title.