Former CBS CEO Joseph Ianniello walked away with $125.4 million in total compensation in 2019, including an $84 million separation package, according to parent ViacomCBS’s proxy statement released Friday.

According to the proxy, Ianniello received $2.8 million in salary, $37.4 million in stock awards and $84.7 million in other compensation, which included payments related to an extended employment agreement he reached with the company in 2019 . As part of that extension, Ianniello was set to receive $70 million if he was passed over for the top spot in any “corporate event,” including a merger of CBS with Viacom. Ianniello also was eligible to receive 450,000 new restricted stock units in ViacomCBS, worth about $30 million at the time, after the deal closed.

Viacom completed its merger with CBS in December, with former Viacom CEO becoming chief executive of the combined company. Ianniello stepped down in January and was replaced by former NBCUniversal executive George Cheeks. 

Bakish reaped about $36.6 million in 2019 -- including a $3.1 million salary and a $12.4 million bonus. 

ViacomCBS said it has named former NBCUniversal executive George Cheeks as president and CEO of its CBS Entertainment Group, replacing Joseph Ianniello and ending days of speculation surrounding its leadership.

Cheeks will start his new job on March 23. A former Viacom executive -- he served as an EVP at the programmer prior to joining NBCU in 2012 -- he most recently served as vice chairman of NBCUniversal Content Studios. In his new role, Cheeks will lead CBS-branded assets, including CBS Television Network, which encompasses CBS Entertainment, CBS News and CBS Sports, CBS Television Studios and CBS Television Stations and CBS’ first-run syndication business. He will also partner with the ViacomCBS digital organization on the CBS-branded digital assets, including CBS All Access. He will report to ViacomCBS CEO Bob Bakish.

“I am thrilled to welcome George back to the family at this exciting moment for ViacomCBS,” Bakish said in a press release. “Throughout his career, George has built broad experience in broadcast and studio operations and brings a unique mix of skills – combining deep commercial expertise and industry relationships with strong creative and programming capabilities. With his finger on the pulse of culture and change and his strong grasp of strategy, brands, audiences and content monetization, George will help CBS build on its position as the most-watched broadcast network and drive results across the entire CBS portfolio.

The Cheeks hiring has been expected for weeks. Ianniello, who has been with CBS since 1997, was expected to leave shortly after the broadcaster completed its merger with Viacom. That deal was completed in December, and since then Ianniello has been named as a possible participant in the auction for Spanish-language broadcaster Univision. 

“I am incredibly honored to join the stellar CBS team and help lead these incredible brands forward,” Cheeks said in a press release. “From news to sports to entertainment, CBS sets the standard, and I look forward to building on this tremendous foundation as we find new and innovative ways to deliver CBS to audiences worldwide.”

Ianniello said he would help with the Cheeks transition, but offered no insight into his future plans.

“I am very pleased to be able to leave CBS well positioned for long-term success,” Ianniello said in the press release. “Throughout my 22-year tenure I have always said that the quality and integrity of the people of CBS are what make it great. We have extraordinary employees at all levels of this organization, and I couldn’t be prouder of how they do their jobs day in and day out. Working with Bob, I now look forward to ensuring a smooth transition to the next phase of leadership of CBS, so that the Eye can continue to thrive, just as it has for so long.”

CBS said it has suspended its search for a permanent CEO, instead extending the contract of its acting CEO -- long-time executive Joseph Ianniello -- for another year.

CBS said it would extend Ianniello’s contract for an additional six months, until Dec. 31. Ianniello, who joined CBS in 1997, was named chief operating officer in 2013 and served in that role until September, when the company tapped him to take over while it searched for a replacement for chairman and CEO Les Moonves, who was terminated in the middle of a sexual harassment scandal. 

In a press release, CBS said that the extension is a testament to Ianniello’s achievements.

“Joe has demonstrated exceptional leadership during this time of unprecedented transition at CBS,” the broadcaster’s board of directors said in a press release. “He steadied the ship with some key appointments and a commitment to cultural change, and steered it forward by focusing CBS’ operations around its growing direct-to-consumer strategy. We are very pleased to recognize Joe’s talents and efforts with this extension, and we look forward to all that he’ll continue to do to build on CBS’ remarkable momentum.”

The decision to hold off the search for a CEO comes as speculation that CBS could be more open to recombining with its former corporate sister Viacom. While CBS had resisted a combination in the past, and the top shareholder of both companies, National Amusements Inc., agreed not to push for a merger for two years, the changing programming landscape may have changed CBS’s stance. Viacom CEO Bob Bakish, a favorite of NAI chief and CBS and Viacom vice chair Shari Redstone, has been said to have an edge for the top spot should a merger come to be. 

Merger talks between CBS and Viacom could hinge on who gets selected to take the No. 2 spot at the company behind expected head honcho Les Moonves, according to a CNBC report.

CNBC’s David Faber said that Moonves’ choice for the No. 2 executive slot – current CBS chief operating officer Joseph Ianniello – differs from the pick of top shareholder and vice chair Shari Redstone. According to Faber, Redstone wants current Viacom CEO Bob Bakish to take the No. 2 spot.

Ianniello has been a long-time favorite of CBS chair and CEO Moonves – he was chief financial officer for four years (2009-2013) before being named COO in 2013, and he has a stellar reputation as a deal maker and savvy business executive, having first joined CBS as a VP in 2000 from accounting firm KPMG. Ianniello has long been considered to be Moonves’ replacement when he eventually retires, and the COO has a clause in his employment deal that would pay him $70 million if he is no longer Moonves’ top lieutenant. Bakish apparently has a similar clause in his employment deal but the amount was not immediately known.

Earlier reports have said that CBS is planning a low-ball offer for a Viacom deal, proposing an all-stock offer that would value Viacom below its current market price. Faber said in his report earlier today that there is still a possibility CBS could offer an at or above market price for Viacom.

Investors, at least for the moment, appear to be favoring CBS’ stance, driving the stock up 2% ($1.11 each) to $51.82 per share in early trading. Viacom shares were down 3.4% ($1.04 each) to $29.51 per share in early trading.