CBS's Moonves Gets Incentive Stock Grant After Becoming Chairman

CBS Corp. Chief Executive Officer Les Moonves Interview

CBS Corp. CEO and president Leslie Moonves.

Photographer: Chris Goodney/Bloomberg
  • Shares would be valued at as much as $21 million today
  • Award based on broadcaster's performance through June 2019

CBS Corp. said Chief Executive Officer Leslie Moonves will be eligible to receive additional share grants when his contract expires in June 2019, adding to his incentives after he took on the role of chairman.

The grant may range from 148,258 shares to as much as 436,622, the New York-based broadcaster said Friday in a regulatory filing. At current prices, that would be as much as $21 million. Moonves, 66, become chairman this month when controlling shareholder Sumner Redstone, 92, stepped down.

Moonves received $57.2 million in total compensation in 2014, including a salary of $3.5 million, a $25 million bonus and almost $25 million in option and stock awards. The new grant will be subject to a minimum performance threshold and based on the performance of CBS Class B shares from February through June 2019. The period could be shortened if CBS ceases to be a publicly traded company, according to the filing.

CBS rose 1.4 percent to $48.30 at the close in New York. The stock has gained 2.5 percent this year.

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