CBS Board Denies Leslie Moonves $120 Million Severance Following Sexual Assault Allegations
The CBS board of directors has denied former chairman-CEO Leslie Moonves any of the $120 million severance he was due under his employment contract after conducting a five-month internal probe of his conduct and the corporate culture at CBS Corp.
“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. Mr. Moonves will not receive any severance payment from the Company,” the board said in a statement Monday.
CBS’ longtime leader was forced out Sept. 9 amid a cascade of sexual assault and misconduct allegations. The probe reportedly found damning allegations of Moonves abusing his power as CEO and engaging in shocking instances of sexual misconduct with employees at CBS. The move sets the stage for a long legal battle, starting in arbitration, between CBS and Moonves. Moonves has denied many of the allegations against him and maintained that his sexual encounters were consensual.
The board’s determination that Moonves was fired for cause amid numerous violations of CBS policy for employees comes after the CBS board of directors has been overhauled following his ouster. Six new members joined the 11-member panel and five longtime directors were forced out by controlling shareholder Shari Redstone, whose National Amusements Inc. controls nearly 80% of the voting power in CBS and its corporate sibling Viacom.
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