CBS (NYSE: CBS) Corp believes Les Moonves is the guy to lead and protect the TV net revenues in face of digital erosion, so much so that it has extended his CEO contract until 2015, and has incentivized him to renew after that, it announced today. Moonves’ contract was slated to end by the end of 2011, and now extends through February 22, 2015. By the end of it, CBS wants him to stay, and “has also provided incentives for Moonves to continue his relationship with the Company at the end of the employment term,” the statement says.

His salary will remain the same through the extended term, but like before, will be eligible for an annual performance-based bonus and will receive “significant equity-based compensation that ties the value of the agreement to the performance of the company’s stock.” Release.

Meanwhile, CBS’ own digital revenues slipped 5 percent in latest Q409 quarter earnings announced last week.