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Moonves’ 2005 Compensation Grew Despite Drop in Salary, Annual Bonus

Apr 14, 2006  •  Post A Comment

CBS Corp. CEO Leslie Moonves saw his base salary and annual bonus drop a bit in 2005, but thanks to restricted stock awards the executive managed to take home a larger paycheck, according to a filing submitted Friday to the Securities and Exchange Commission.

Mr. Moonves’ 2005 compensation, which reflects his earnings prior to the breakup of Sumner Redstone’s Viacom into two separate public companies at the end of last year, totaled $22.8 million, compared with just over $20 million in 2004.

Driving the increase was the conversion of Viacom restricted stock awards to CBS restricted stock awards in anticipation of the Viacom breakup. According to the filing, Mr. Moonves received nearly $4.3 million in restricted stock awards in 2005, compared with none in 2004.

That helped offset slight declines in his base salary and bonus for the year. Mr. Moonves’ 2005 base pay was more than $5.3 million, compared with nearly $5.8 million a year earlier. His bonus slipped to $13 million from a year-earlier figure of $14 million.

Mr. Moonves became CEO of CBS Corp. late last year when Viacom split into two companies. CBS Corp., which holds the radio and television broadcasting assets along with publishing, outdoor advertising and premium cable channel Showtime, is considered the slow-growth company. The company that retained the Viacom name and includes the cable assets of MTV Networks and BET, along with Paramount Pictures, is seen as the growth company.

Meanwhile, Mr. Redstone, chairman of CBS Corp. and Viacom, earned a total base salary paid by both companies of more than $5.8 million, plus a bonus from CBS Corp. of $7.13 million. He also received restricted stock awards totaling nearly $4.3 million.