Les Moonves Will Not Receive $120 Million Severance Pay, CBS Announces
The CBS Board of Directors announced on Monday that the network's former CEO and Chairman, Les Moonves, will not get any of his $120 million severance pay.
“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 released Monday.
After a five month internal investigation, "the investigators learned of past incidents of improper and unprofessional conduct, and concluded that the Company’s historical policies, practices and structures have not reflected a high institutional priority on preventing harassment and retaliation," the statement continued.
"Employees also cited past incidents in which HR and the Company did not hold high performers accountable for their conduct and protect employees from retaliation," the Board, which includes six new members, added.
The statement also detailed steps which CBS is enforcing immediately. They include a new Chief People Officer, who "is actively engaged in ways to enhance and reimagine the Human Resources function," and has also "retained outside expert advisors to develop other initiatives for promoting a workplace culture of dignity, transparency, respect and inclusion."
Moonves was fired in September after multiple women accused the company's longtime leader of sexual assault and misconduct. He has denied the allegations.