CBS CEO Moonves Had 2017 Compensation of $69.3 Million

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CBS
Corp.

CBS.A -0.02%

disclosed that Chief Executive

Leslie Moonves

received total compensation of $69.3 million in 2017 and announced the nomination of former

Time Warner
Inc.

Chairman

Richard Parsons

to its board of directors.

One of the highest paid CEOs in the U.S., Mr. Moonves saw his compensation package dip slightly from the $69.6 million value of his 2016 pay, according to the company’s proxy statement on Friday. He received a $20 million bonus and $3.5 million in salary in 2017. Mr. Moonves also received $43.7 million in stock awards, up from $31.9 million the year before, an increase stemming in part from his contract being renewed last year through June 2021.

Mr. Moonves’s total compensation last year was 595 times the pay of its median employee, who earned $116,654. Companies are required to disclose the figure for the first time this year as part of a requirement from the Dodd-Frank Act passed in the wake of the financial crisis.

Meanwhile, CBS announced the nomination of Mr. Parsons to replace acclaimed movie and television producer Arnold Kopelson on the media company’s 14-member board, a notable move as CBS weighs a merger with

Viacom
Inc.

Talks between the two companies have grown tense this week as each side digs in its heels on issues related to price and the future leadership of a combined entity.

CBS Vice Chairman

Shari Redstone

—who is also president of National Amusements Inc., the controlling shareholder of both CBS and Viacom—had been lobbying for new directors on the CBS board. National Amusements, which controls an 80% voting stake in CBS, has already pledged to vote in favor of Mr. Parsons’s nomination, according to the proxy.

A well-regarded media executive, Mr. Parsons succeeded

Gerald Levin

as CEO of Time Warner and later

Steve Case

as chairman in the aftermath of the company’s ill-fated merger with America Online. Mr. Parsons was credited with bringing stability and a cool hand to Time Warner as it tried to move past the AOL deal. He is also seen as a shrewd negotiator and deal maker.

Mr. Parsons most recently has been a senior adviser for Providence Equity Partners LLC. He was also chairman of Citigroup Inc. from 2009 to 2012.

CBS recently made an all-stock offer for Viacom that was below the company’s market value at the time of the proposal. Viacom rebuffed that offer and is expected to make a counter offer in the coming days.

In addition to disagreeing over whether Viacom deserves a premium price, Viacom and CBS are at odds over who would be positioned as the No. 2 executive behind Mr. Moonves, who is expected to lead a merged company. Ms. Redstone wants Viacom CEO

Bob Bakish

to be positioned as the heir apparent to the 68-year-old Mr. Moonves, while CBS wants its chief operating officer,

Joe Ianniello,

to eventually succeed Mr. Moonves.

Write to Joe Flint at joe.flint@wsj.com



Source link: https://www.wsj.com/articles/cbs-ceos-leslie-moonves-2017-total-compensation-69-3-million-1523054231?mod=pls_whats_news_us_business_f

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