CBS President Leslie Moonves has signed a deal to stay in his job through February 2015.
"Leslie is a superb executive who has led CBS to a position of unparalleled leadership in the industry," CBS Corp. Chairman Sumner Redstone said. "This agreement not only secures the future of the company for many years to come, it also further aligns and strengthens the interests of the chief executive with those of our shareholders."
Moonves, 60, joined CBS in 1995 as the president of entertainment. He later became chairman and chief executive officer of CBS. Under his helm, CBS was the top-rated network for 2008-09, while shows like Survivor and the CSI franchise have thrived.
While Moonves' salary will remain the same, he is eligible for bonuses. CBS is also providing incentives for him to stay with the company at the close of his current contract.
"I have the privilege of working with the greatest team of people in this or any other business," said Moonves, who played a key role in the creation of the CW network. "I am very gratified that my relationship with the company will continue as we build on the strong foundation we have laid for ongoing growth and success."