For perspective, Moonves‘ increase is far less than the 40% rise in CBS‘ stock in 2011. Still, the CEO’s $69.9M package makes him by far the highest paid media CEO for the year among companies that have already filed their annual proxy statements. Here’s how Moonves’ compensation adds up: $3.5M salary, $27.5M bonus, $8.5M in stock awards, nearly $27.3M in option awards, $1.5M change in pension value, and $1.6M in other compensation. That last category includes $500,000 to help build “a dedicated work area at his home for the purpose of screening and evaluating television and film programming and other work-related activities.” The company also paid $557,600 for transportation, including personal use of CBS’ jets. The proxy says that the board rewarded Moonves for, among other things, the big jump in CBS’ stock price, his dealmaking and “in leading the CBS Television Network in solidifying its #1 position in key ratings measures.” Chairman Sumner Redstone was the second highest paid exec, with $20.3M, flat with 2010. But there’s no doubt that the board considers Moonves the star of the show. He received 60% of the pay awarded to CBS’ top five execs. His compensation was six times greater than the average for his four colleagues. Corporate governance watchdogs consider it a danger sign when a CEO makes more than three times the average pay doled out to the others in the elite group. CBS will hold its annual meeting on May 24 in New York.
By DAVID LIEBERMAN, Financial Editor | Friday April 13, 2012 @ 4:46pm EDTTags: CBS, Executive Compensation, Les Moonves
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This article was printed from http://www.deadline.com/2012/04/cbs-les-moonves-lands-69-9m-in-compensation-for-2011-up-21/
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