CBS Chief Leslie Moonves receives nearly $58 million compensation package in 2010
The 61-year-old broadcasting chief was paid $3.5 million in base salary, a $27.5-million bonus and nearly $23 million in stock and option awards, according to a filing Friday afternoon with the Securities and Exchange Commission. The company also contributed nearly $900,000 to his pension fund and $3 million in other compensation.
Last year, Moonves' compensation package was valued at $43.2 million.
CBS justified nearly 34% increase by saying that Moonves "led CBS to results that produced extraordinary growth in shareholder value, and outpaced both the industry and the company’s internal targets," according to a company statement released Friday. "During the year, the company delivered a 37% total return to shareholders and recorded a 220% increase in net income and 8% growth in revenue, all of which outpaced media peer companies."
Meanwhile, CBS' Chairman Sumner Redstone received a package valued at $20.3 million. The 87-year-old Redstone also received $15 million in awards for his role as chairman of sister company Viacom Inc. Between the two companies, Redstone's total compensation for 2010 was $35 million.
Viacom's Chief Executive Philippe Dauman received a $84.5 million package for 2010, including a bonus currently valued at $31.65 million.
-- Meg James
Photo: CBS Chief Executive Leslie Moonves at the National Assn. of Broadcasters convention in Las Vegas earlier this week. Credit: Julie Jacobson /Associated Press