CBS Corp.’s CEO Les Moonves got a fat compensation package of $43.2 million for 2009, according to the company’s SEC filing. On top of his $3.5 million salary, he pulled in a $15 million bonus, stock worth $7.6 million and stock options currently worth about $14.3 million.Another bonus: CBS also gave him nearly $2.4 million to reimburse him for part of the New York state and local taxes he paid up, as the LA Times points out.
For comparison: CBS executive chairman Sumner Redstone got $16.2 million for 2009 at CBS, according to the filing. Meanwhile, Viacom CEO Philippe Dauman, who just got a five-year extension on his contract, got $34 million.
Moonves’ new package doubles what he got in 2008, which totaled to only $21.2 million. He was recently awarded another four years at CBS.
Here’s the company’s explanation of his compensation:
Mr. Moonves provided leadership in achieving the business guidance publicly provided by the Company with respect to its 2009 performance, despite uncertainty regarding the overall economic climate and advertising revenue streams. He also focused division and corporate unit management in achieving the Company’s free cash flow budget. Together with his senior management team, he guided many of our business units to solid performance despite the economic conditions, including Showtime, CBS Television Distribution, and the Network and Television Studio operations, which continued to enjoy tremendous ratings success. In the Entertainment business unit in particular, Mr. Moonves took advantage of the Company’s position as the #1 Television Network in certain key categories in strategically reducing inventory available for sale during the upfront and commanding higher prices in the scatter markets resulting in significant gains in the 3rd and 4th quarters. He continued to aggressively pursue new and existing opportunities to leverage and monetise the high quality content that drives the Company’s core businesses and to maintain the Company’s reputation as a highly desirable workplace for top talent. He also advanced strategic plans to develop cross-promotional opportunities in many parts of the portfolio of CBS businesses to capitalise on synergies as evidenced by the restructuring of the Company’s operations. He effectively represented the Company to investors and the financial community and continued to play a leadership role in the media industry. The Committee also acknowledged Mr. Moonves’ successes in management development and human resources, including his involvement in the execution of the Company’s succession planning and diversity programs.
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