CBS Corp. said Monday it reached a two-year contract extension with Chief Executive Leslie Moonves, who is now expected to stay with the media company through June 30, 2021.
Mr. Moonves's annual salary remains at its current level of $3.5 million. Contract provisions regarding annual bonus payments and other long-term incentives aren't changing with the extension.
Once his term as chief executive expires, Mr. Moonves, 67 years old, can became a senior adviser to the company for an additional five years. The agreement also includes an option for him to establish a production company with CBS's support.
Mr. Moonves, who is also board chairman, has been the president and CEO of CBS since its 2006 split from Viacom Inc. He joined CBS in 1995 as president of entertainment and later served as president and CEO of CBS Television from 1998 to 2004.
The extension comes less than six months after Sumner Redstone and his daughter Shari Redstone ended a bid to merge Viacom and CBS. The tie-up didn't advance far beyond preliminary stages and Viacom sought a premium in the deal that Mr. Moonves deemed unwarranted
Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com
(END) Dow Jones Newswires
May 22, 2017 14:31 ET (18:31 GMT)