Les Moonves Won't Get $120 Million Payoff from CBS After All
by EG
It's common for corporate executives to get huge payoffs after they're fired from their companies, but former CBS CEO Les Moonves won't. The network has decided there's enough evidence that he was a serial sexual harasser that it doesn't have to honor his contract's severance terms. Read on for details.
Via Page Six.
CBS said it will deny Les Moonves a $120 million severance package, saying the former chief executive tried to conceal evidence and misled the company during the months-long probe into sexual misconduct accusations against him.
“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 board said Monday.
“Mr. Moonves will not receive any severance payment from the company.”
In September, Moonves stepped down as chairman and CEO amid sexual misconduct accusations from a dozen women published first by Ronan Farrow in The New Yorker.
CBS’ board hired two independent law firms, Debevoise & Plimpton and Covington & Burling, to look into whether Moonves had violated the company’s sexual harassment clause, making him ineligible to obtain his severance.
Get the rest of the story at Page Six.
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