Former CBS CEO Leslie Moonves isn't entitled to $120 million in severance, board finds
Source: LA Times
CBS Corp.’s board said it had grounds to fire former Chief Executive Leslie Moonves for cause, stripping him of his $120-million severance package after he allegedly violated company policies by committing “willful and material misfeasance.”
The board announced its decision Monday, saying Moonves failed to cooperate fully with the company’s investigation into sexual misconduct allegations against him. Two high-profile New York law firms have spent the last four months examining Moonves’ conduct after the allegations came to light last summer.
The board’s finding completes a spectacular fall from the pinnacle of power for a man who, just a few months ago, was widely considered the most successful executive in television. He becomes the highest-profile media executive to watch his career — and his once-sterling legacy — collapse under the weight of sexual misconduct allegations unearthed amid the #MeToo era.
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Moonves, who was forced to resign Sept. 9, is expected to fight the findings. Within an hour after the board announced its decision, Moonves’ lead attorney offered a glimpse into Moonves’ defense.
Read more: https://www.latimes.com/business/hollywood/la-fi-ct-leslie-moonves-fired-for-cause-20181217-story.html
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