This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

CBS Corporation Announces New Five-Year Agreement With President And Chief Executive Officer Leslie Moonves

Stocks in this article: CBS CBS.A

NEW YORK, Oct. 15, 2012 /PRNewswire/ -- CBS Corporation (NYSE: CBS and CBS.A) announced today a new agreement with President and Chief Executive Officer Leslie Moonves.  The agreement supersedes his prior contract, which was to conclude in 2015, and extends his term with CBS Corporation through June 30, 2017.

"This is terrific news for CBS and all of its constituencies," said Sumner Redstone, Executive Chairman and Founder, CBS Corporation.  "Leslie's record as a CEO is not only among the best in media, it's among the best in all of business.  This agreement secures the Company even further into the future, and it also further aligns and strengthens the interests of the chief executive with those of our shareholders.  I look forward to all Leslie will continue to do as the genius that he is."

"I take great pride in all the tremendous success we've enjoyed at CBS," said Moonves.  "And the good news is that I feel even more enthusiastic about what my terrific team and I will accomplish going forward.  I am very gratified that my relationship with CBS will continue into the future, and I look forward to building on all of the exciting opportunities that lie ahead."

Under the terms of the agreement, Moonves' salary remains at its current level.  As before, he will continue to be eligible for an annual performance-based bonus and will receive equity-based compensation that further ties the value of the agreement to the performance of the Company's stock.  At the end of his new term, Moonves will become eligible, at his discretion, to hold the position of an executive advisor to the Company for an additional four years.  In addition, during that term, Moonves has the option to establish a production company under CBS's auspices. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs