CBS gives Moonves a 28 percent raise

April 12, 2008 at 9:22 AM
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NEW YORK, April 12 (UPI) -- CBS Corp. gave its chief executive a 28 percent raise even amid faltering revenues and poor ratings, a U.S. Securities and Exchange Commission filing shows.

Leslie Moonves' compensation package in 2007 rose to $36.8 million, more than CEOs received at larger companies, including Time Warner, Walt Disney and News Corp, The Los Angeles Times reported Saturday.

"That goes against the trend. We are seeing no increases and even reductions in salary," said James F. Reda, a New York-based consultant on executive compensation. "To have a 28% increase is really unusual."

In 2007, Moonves collected $5.3 million in salary and $18.5 million in cash bonuses. He also received more than $12.5 million in stock and option awards, according to the proxy filing.

Hoping to save money, CBS last week laid off more than 160 news anchors, reporters and technicians from its TV stations.

One union leader decried the compensation package.

"There is one set of rules for the working class of America and a different set of rules that apply in the corporate boardrooms," said Dan Pedrotty of the AFL-CIO. "Why would someone deserve an $8 million raise when the performance of the company has gone down?"

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