CBS’ former chairman, president, and CEO Les Moonves will not receive $120 million in severance, following an investigation into allegations against him of sexual misconduct.
“We have determined that there are grounds to terminate for cause, including his willful and material misfeasance, violation of Company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the Company’s investigation,” the board of directors of CBS said in a statement Monday. “Mr. Moonves will not receive any severance payment from the Company.”
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Approximately $140 million was remaining in Moonves’ employment contract, but $20 million was designated for grants after he departed the television network in September due to sexual misconduct allegations. The $120 million left was then placed in a trust.
The investigation — conducted by law firms Debevoise & Plimpton and Covington & Burling — determined that “harassment and retaliation are not pervasive at CBS.” Even so, the board claimed that the investigation uncovered past incidents of misconduct and “concluded that the Company’s historical policies, practices and structures have not reflected a high institutional priority on preventing harassment and retaliation.”
Multiple women have accused Moonves of sexual misconduct. For example, the New Yorker recently chronicled allegations of women who accused him of forcing them to perform oral sex, exposing himself to them, and retaliating when they rejected him.
Moonves has denied the accusations.
