CBS' board of directors said the company had cause to fire Les Moonves, who stepped down in September. File Photo by John Angelillo/UPI |
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Dec. 17 (UPI) -- CBS's board of directors announced Monday that former chief Les Moonves will not receive a $120 million severance payment after determining they had cause to terminate him for sexual misconduct allegations.
Moonves stepped down as the CEO and chairman of the board in September after six women accused him of sexual assault and harassment over three decades. Some of the allegations include forcing women to perform oral sex on him and preventing career advancement when his advances were turned down.
He was due to receive a $140 million severance minus $20 million the board of directors decided to deduct and donate to organizations supporting the #MeToo movement.
Moonves now forfeits the remaining $120 million, which had been held in a trust, after investigators from two law firms interviewed those making allegations 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. Mr. Moonves will not receive any severance payment from the company," the board of directors said.
CBS said the lawyers also determined that while harassment is "not pervasive" at the network, they did uncover other past instances of unprofessional conduct.
"The board, which includes six new members, and the company's new management have already begun to take robust steps to improve the working environment for all employees," a board statement said. "Among other things, the company appointed a new chief people officer, is actively engaged in ways to enhance and reimagine the Human Resources function, and has retained outside expert advisors to develop other initiatives for promoting a workplace culture of dignity, transparency, respect and inclusion."
Moonves, 69, was the CEO of CBS for 15 years and is credited with turning the once-struggling network around to become one of the most-watched in television.
