CBS Chief Leslie Moonves receives nearly $58 million compensation package in 2010

 
CBS Corp. Chief Executive Leslie Moonves once again pulled down one of the richest paychecks in corporate America with a package valued at $57.7 million 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

 

 

Comments

[tulsadave]

Hey Les, do the patriotic thing (according to the liberals) and give it to the federal government.

[STARCHY]

what a crock. compensation committees are just mutual back scratchers. shareholders should be outraged

[Skeptical Ben]

No wonder he's smiling.

[Jake]

He shouldn't be able to collect a dime until Charlie Sheen is taken down with a dart gun, processed at a undisclosed sobriety center and returned to the endless hampster wheel that is "Two and A Half Men".

[SHAREHOLDER]

On January 3, 2006 CBS split from Viacom. The shares opened at a price of $26.60. On December 31, 2010 the shares close at a price of $19.05. That's 25.6% below opening day. How does Redstone and his BOD come to their conclusion that a good job was done? The share s closed at $24.39 yesterday. Still down from opening day price. Redstone wants everyone to know that It's his company and he's right of course. His voting shares of 78.9 preempts all other voting shareholders. CBS and Viacom are PRVATE companies trading on a PUBLIC EXCHANGE.