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MUMBAI:
US media conglomerate CBS has announced a new agreement with
president, CEO Leslie Moonves. The agreement supersedes his
prior contract, which was to conclude in 2015, and extends
his term with CBS through 30 June 2017.
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' auspices.
CBS
executive chairman, founder Sumner Redstone said, "This
is terrific news for CBS and all of its constituencies. 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."
Moonves
said, "I take great pride in all the tremendous success
we've enjoyed at CBS. 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."
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