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Archived: CBS Denies Les Moonves $120M Severance Package

CBS former chairman and chief executive Leslie Moonves will not receive his $120 million severance package.

The network said, in a statement on Monday evening, after reviewing the results of a sexual misconduct probe it was determined that Moonves misled the company. The board of directors said he would be fired for cause, which means an exit payout won’t occur.

“With regard to Mr. Moonves, 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 statement said.

Moonves resigned in September amid allegations against him of sexual assault and harassment. His resignation came after six more women accused him of misconduct, which was detailed in a report published in the New Yorker magazine in July. The women said the incidences occurred between the 1980s and early 2000s. There were claims of forced sex, Moonves exposing himself and his alleged use of physical violence and intimidation.

Before his resignation, the company’s board of directors allowed Moonves to remain at the helm while the investigation took place.

There was also an investigation conducted into the “cultural issues” at the network. It reportedly did not turn up evidence of persistent problems related to harassment and retaliation. However, it noted that investigators did uncover incidents of “improper and unprofessional conduct.”

It was concluded that the company was not providing sufficient resources to its human resources department or for diversity and inclusion initiatives.

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