CBS Chief Executive Leslie Moonves was paid $56.8 million in 2015
CBS Chief Executive Leslie Moonves, shown at his office in Studio City, remains one of the highest-paid executives in Corporate America.
CBS Corp. Chief Executive Leslie Moonves’ compensation reached $56.8 million in 2015, securing his standing as one of America’s highest-paid executives.
His total compensation declined slightly from 2014, when it totaled $57.2 million, according to a Securities and Exchange Commission filing on Friday.
The company boasts the nation’s most-watched television network, CBS; a chain of TV and radio stations, including KCBS-TV Channel 2, KCAL-TV Channel 9 and KNX-AM (1070); the Simon & Schuster book publishing house and premium pay channel Showtime.
Moonves’ compensation included $3.5 million in base salary, stock awards of $25.5 million, stock options valued at $7.2 million and a $19-million bonus. Moonves splits his time between the company’s New York headquarters and its West Coast offices in Studio City.
Two months ago, Moonves, 65, became chairman of the CBS board, replacing 92-year-old Sumner Redstone. Redstone resigned the post because of his poor health.
Although Redstone has not attended a CBS corporate event in nearly two years, he nonetheless was awarded $1.8 million in compensation from CBS last year, according to the filing.
That was a dramatic cut from 2014, when Redstone collected $10.8 million in compensation.
The Redstone family, through its investment vehicle National Amusements Inc., controls CBS and another media company, Viacom Inc. When Redstone stepped down as executive chairman, the board compensation committee reduced his annual base salary to $1 million for his “continuing role with the company as chairman emeritus and in recognition of his significant historical contributions to the company during his previous executive positions,†the filing said.
CBS shares declined 14% in 2015, although the stock has regained most of that ground this year. On Friday, CBS shares rose 23 cents to $53.89.
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CBS Chief Operating Officer Joseph R. Ianniello received $26.4 million in 2015, including salary of $2.5 million, stock awards of $12.7 million, stock options valued at $2.8 million and an $8-million bonus, according to the filing.
Top executives at Redstone’s two media companies rank among the most lavishly compensated executives in America.
In addition to Moonves, Viacom CEO Philippe Dauman collected a compensation package valued at $54.2 million in fiscal 2015, which ended Sept. 30. Dauman’s total was boosted by a $17-million signing bonus that he was awarded in late 2014.
Viacom suffered through a dismal 2015, with its stock losing more than 40% of its value.
Meanwhile, the world’s largest entertainment company — Walt Disney Co. — paid its chairman and CEO, Bob Iger, less money than either Moonves or Dauman last year. Iger collected a compensation bundle that totaled $44.9 million in fiscal 2015, a 3% decline from the previous year.
Disney produces more than $52 billion in annual revenue, more than three times CBS’ annual sales of nearly $14 billion.
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