Les Moonves Ousted by CBS, May Not Get His $100 Million Buyout
by EG
What do you do when you're the CEO of TV network and are accused of serial sexual misconduct? You demand $100 million to stop doing your job. CBS is trying not to give Les Moonves the giant compensation package he's asking for, but it's in the hands of the lawyers now. Read on for details.
Just over six weeks after allegations of sexual misconduct were leveled against Leslie Moonves by on the record accusers, the CBS Corp. chief is departing a role he has held for more than a decade.
On Sunday, hours after a second New Yorker exposé by Ronan Farrow detailed six more allegations of misconduct, CBS said that it was parting ways with Moonves, appointing chief operating officer Joseph Ianniello as acting CEO and pledging that the outgoing executive would not receive severance benefits "at this time." The company's Sunday statement also noted that there would be no imminent proposal to merge CBS and Viacom, a move that had been sought by Shari Redstone and controlling stakeholder National Amusements Inc.
Ianniello will serve as president and acting CEO while the board conducts a search for a permanent successor. Ianniello, who joined the company in 2005, has been COO of CBS since June 2013. The chairman position will remain open pending the appointment of a permanent CEO.
For his part, Moonves released a statement late Sunday saying he was "deeply saddened" to be leaving CBS.
"For the past 24 years it has been an incredible privilege to lead CBS' renaissance and transformation into a leading global media company," he said. "The best part of this journey has been working alongside the dedicated and talented people in this company. Together, we built CBS into a destination where the best in the business come to work and succeed."
He added: "Untrue allegations from decades ago are now being made against me that are not consistent with who I am. Effective immediately I will no longer be Chairman and Chief Executive Officer of CBS. I am deeply saddened to be leaving the company. I wish nothing but the best for the organization, the newly comprised board of directors and all of its employees."
Meanwhile, Moonves and CBS will donate $20 million to one or more organizations that support the #MeToo movement and equality for women in the workplace. CBS said that the donation, which will be made immediately, has been deducted from any severance benefits that may be due Moonves following the board’s ongoing independent investigation led by the law firms of Covington & Burling and Debevoise & Plimpton. "Moonves will not receive any severance benefits at this time (other than certain fully accrued and vested compensation and benefits); any payments to be made in the future will depend upon the results of the independent investigation and subsequent Board evaluation," CBS added.
Get the rest of the story at The Hollywood Reporter.
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