Well, CBS shares have had about 70% of their value sheared off this year. Someone has to pay. It just isn’t going to be chairman Sumner Redstone.
CEO Les Moonves took a cut in his pay, getting knocked dow to roughly $32 million in 2008 from about $36 million in 2007. He lost $10 million from his take-home pay, which came in at $13 million and his bonus was almost cut in half to $9.5 million. The rest of his pay came in the form of stock and options awards.
The only reason he got a bonus at all, the LA Times reports, is that CBS topped its free-cash-flow numbers, even though the stock was crushed.
His boss, the irascible Redstone, jumped to $11.9 million from $9.7 million in 2007. Redstone also made $6.3 million as chairman of Viacom.
Moonves’ pay cut may not be as important as a separation package, especially if Redstone keeps losing money. With wife Julie Chen expecting a child, Moonves may find himself, like former Viacom boss Tom Freston, with plenty of time to spend with his family.
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