CBS Corp. today announced a new agreement with Chairman, President and CEO Leslie Moonves that extends his contract with the company through June 30, 2021. The agreement extends his current deal by two years.

“Under the terms of the agreement, Moonves’ salary remains at its current level,” the company said in the announcement. “As before, he will continue to be eligible for an annual bonus and will receive long-term, performance-based incentives that further tie the value of the agreement to the success of the Company and its stock.”

“The agreement provides for Moonves to become a senior advisor to the Company for an additional five years, and will include an option to establish a production company under CBS’ auspices,” the announcement adds.

The announcement notes: “Moonves came to CBS in 1995 as President of Entertainment. He was promoted to President and CEO of CBS Television in 1998, became its Chairman in 2003, and was later named Co-President and Co-Chief Operating Officer of Viacom and Chairman of CBS in 2004. In 2006, Moonves was named President and CEO of the newly formed CBS Corporation when it became a stand-alone, publicly traded company. In 2016, he was named Chairman as well.”