The head man at CBS is being well-compensated for his efforts — and the price has been going up. Deadline.com reports that CBS Corp. Chairman and CEO Leslie Moonves saw his compensation get a 7.7% bump in 2013, to a whopping $66.9 million.
"Does any CEO deserve to be paid that much money?," the report asks, noting: "That’s a good question to debate, although CBS shareholders may not raise bitter objections about Les Moonves’ compensation for a year when the value of their shares appreciated 67.5%."
The company disclosed Moonves' compensation in a proxy filing with the SEC. Deadline reports that the filing shows "$3.5M salary, $28.5M bonus, $26.5M stock awards, $5.8M option awards, $1.3M change in pension value, and $1.2M in other compensation. The 'other' category includes $533,527 for car and driver, and personal use of the company jet, as well as $531,152 for security."
The company's board credited Moonves with his leadership in a number of areas where CBS has had success lately, including the broadcast network's strong ratings and retrans agreements with Time Warner Cable and Verizon, along with deals to sell "Under The Dome," "Dexter" and "The Good Wife," the report notes.
"It appears that Executive Chairman Sumner Redstone also gets credit for something: His compensation jumped 82.6% to $57.2M, which the board also attributes to his overseeing CBS in a period when it had 'exceptional results,'” the story reports.