CBS CEO Moonves's 2016 Pay Package Valued at $69.6 Million, Boosted by $32 Million Bonus

By Maria Armental 

CBS Corp. Chief Executive Leslie Moonves received $69.6 million in total compensation in 2016, a nearly 23% increase driven by a $32 million bonus.

Meanwhile, Sumner M. Redstone will step down from the board, as he did Viacom Inc. in February.

Mr. Redstone, who controls Viacom and CBS through a roughly 80% voting stake in each, retains the chairman emeritus title in both companies and could continue to participate in board meetings, though he couldn't vote on any matters.

The changes were disclosed in a regulatory filing Friday.

Standing for election to fill Mr. Redstone's vacancy is Martha L. Minow, 62 years old, a human-rights scholar who is stepping down as Harvard Law School dean.

According to Friday's proxy, Mr. Moonves's base salary was unchanged at $3.5 million but his bonus was nearly doubled to $32 million, from $19 million a year earlier. The 67-year-old, already one of the highest paid top executives, was also granted $5 million in unrestricted Class B shares during 2017 that will be reported next year.

Meanwhile, Chief Operating Officer Joseph Ianniello's pay rose to $29 million, including a $12.5 million bonus, and senior executive vice president Lawrence Tu was paid nearly $8.6 million, including a $3.8 million bonus.

In approving the bonus payouts, the board pointed at the company's more-than-one-third stock surge and financial results, including a nearly 4% revenue increase.

The stock, which this week set a 52-week high//April 5//, closed slightly down Friday at $68.67.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

April 07, 2017 18:54 ET (22:54 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.