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Joseph Ianniello, acting president and CEO of CBS, is expected to earn at least $ 23 million this year, in line with the terms of the contract extension he signed earlier this week.
Ianniello has agreed to remain as interim CEO for six months until the end of the year, with the CBS Board reviewing the company's long-term options. CBS has terminated its search for a permanent CEO, which indicates that it is preparing to begin discussions on a merger with Viacom. Ianniello had been a candidate for the position of permanent general manager.
Under the contract extension, Ianniello's salary has increased from $ 2.5 million to $ 3 million, according to a report released Friday by the Securities and Exchange Commission. He will receive a cash signing bonus of $ 5 million, and the extension guarantees him an additional bonus of $ 15 million.
In addition, CBS has added an additional $ 10 million to severance payments to which Ianniello will be liable if it leaves the company but is not fired for just cause. Under the contract of employment signed by Ianniello in July 2017, he was entitled to receive a huge severance payment of $ 45 million or more – an allowance equal to three times his average salary and bonus for the previous three years – he was not appointed director company after the departure of his longtime boss, Leslie Moonves.
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Moonves was fired from his position as President and CEO of CBS last September, as a result of allegations of badual misconduct. Ianniello at the time agreed to serve as interim CEO until the end of June. As the search for the CEO faded, the CBS board decided to stay with Ianniello until the end of the year.
Ianniello's salary and target bonus had already reached new levels in July under the 2017 contract.
In 2018, Ianniello received $ 27.3 million, including more than $ 12 million in stock options and awards.
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