Longtime CBS (NYSE:CBS) president and CEO Leslie Moonves has signed a new contract with the company that will keep him in both jobs through June 30, 2017.

The agreement supersedes his existing contract, which was to have expired in 2015, according to a statement from the company. Moonves' salary is to remain at its existing level. As before, he will be entitled to annual performance-based bonuses and will receive stock compensation tied to the value of CBS shares.

Additionally, Moonves will have the option to create a production company "under CBS' auspices," according to the press release.

Moonves is considered one of the more durable and respected television executives, having been a top manager at CBS since 1995.The company credits him and his team with taking the network from last to first place in the ratings and says he has led the way as CBS capitalized on growth opportunities including international syndication sales and the licensing of the Company’s content for digital streaming.

In 2011, Moonves reportedly earned $70 million from the network.

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