CBS said it signed a new employment agreement with chief operating officer Joseph Ianniello that will keep him with the company through 2022.
In addition to his operating responsibilities, Ianniello will oversee the company’s financial operations until another individual is assigned those duties, according to an SEC filing.
After two years, Ianniello’s salary will be increased to $2.75 million. His target bonus will be increased to 450% of base salary in 2017 and 2018, and 500% of annual base salary the years following.
Related: CBS Drama Head Christina Davis to Exit
He will also receive financial award under the company’s long-term incentive plan. He is targeted to get $12.25 million a year beginning in 2018. That rises to $13.5 million in 2020. He also will be granted CBS shares.
CBS also signed a new agreement with Lawrence Tu, senior executive VP and chief legal officer.
Tu’s new contract rose through May 2019 and increases his base salary to $1.35 million. He will also be eligible for long-term incentive plan awards targeted at $3.95 million starting in 2018.
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