- Compensation is less than 1 percent below 2014 package
- Moonves got $10 million in stock awards tied to new contract
CBS Corp.’s Chief Executive Officer Les Moonves received $56.8 million in compensation last year after the company raised his target bonus by 67 percent and gave him a $10 million special award for signing a new employment contract.
Moonves received a $19 million cash bonus for 2015, just shy of the $20 million target set by the board, according to a filing Friday. The previous target was $12 million. He also received $25.5 million in stock awards, of which $10 million were tied to his signing of a new employment agreement in December that expires in June 2019.
The equity part of Moonves’s pay rose to about 58 percent of the reported figure compared with 43 percent for 2014, which would increase the CEO’s upside if the stock recovers. CBS shares fell 15 percent last year while revenue grew less than 1 percent.
Chairman Emeritus Sumner Redstone received a $1.75 million salary while Chief Financial Officer Joseph Ianniello got a $26.4 million pay package.
Dana McClintock, a spokeswoman for CBS, didn’t immediately respond to an e-mail seeking comment.