CBS CEO Leslie Moonves (CBS) gave himself a 29% raise in 2007, to $37 million, says the WSJ. Better news: Since CBS has already agreed to pay some of Les’s taxes, he’ll get to keep more of it for himself. (“Oh, Yes, Mr. Moonves, Sure We’ll Pay Your Taxes!”)
We just can’t understand why so many people complain about American CEO pay. After all, consider the amazing job Les has been doing:
The compensation package, ranking among the biggest in the media industry, was awarded in a year in which CBS’s stock fell about 13% and its net income tumbled 25%. While the company generated significant cash last year, its core TV and radio businesses stumbled.
Shares in CBS, which has a market value of about $15 billion, have steadily declined from a high of $35.75 last July, falling about 20% so far this year. The stock was just off its 52-week low at $21.40 in 4 p.m. composite trading on the New York Stock Exchange Friday.
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