CBS has signed a new employment agreement with chairman and CEO Les Moonves with a two-year extension that will keep him at the company to June 2021.

The agreement also provides for Moonves to become a senior advisor to the company for an additional five years. He also has an option to establish a production company under the CBS umbrella.

Moonves joined CBS from Warner Bros in 1995 and became president and CEO of CBS Television in 1998. He became co-president and co-chief operating officer of Viacom in 2004 after Viacom acquired CBS. When CBS became a stand-alone company in 2006, he was named president and CEO adding the chairman role in 2016.

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