CBS has awarded Chief Executive Leslie Moonves one of the richest pay packages in corporate America, reports the Los Angeles Times’ Company Town blog. His package for 2010 totaled $57.7 million, according to the story.
Moonves, 61, was paid $3.5 million in base salary and given a $27.5 million bonus as well as almost $23 million in stock and option awards, the story notes, citing a filing Friday afternoon with the U.S. Securities and Exchange Commission. The company also contributed $900,000 to his pension fund and awarded him $3 million in other compensation.
By comparison, Moonves was given a package of $43.2 million for 2009, the story notes. CBS said his 34% bump in compensation was justified by his leadership, which "produced extraordinary growth in shareholder value, and outpaced both the industry and the company’s internal targets," the story notes.
CBS Chairman Sumner Redstone received a package valued at $20.3 million, with the 87-year-old receiving $15 million in awards for his job at CBS’s sibling company Viacom, the article notes. Between the two roles at the companies, Redstone’s 2010 compensation was reportedly $35 million.
Viacom Chief Executive Philippe Dauman received $84.5 million for 2010, including a bonus valued at $31.65 million, according to the report.