CBS will pay ousted chief Les Moonves $120 million if its ongoing investigation fails to find any evidence of sexual misconduct.
Moonves, the television company's longtime CEO, resigned on Sunday, just hours after fresh allegations came out in a New Yorker article. A dozen women have alleged mistreatment, including forced oral sex, groping and retaliation if they resisted him. CBS has hired two law firms to investigate the claims.
In a regulatory filing Monday, CBS says the company will put $120 million in a trust that will go back to the company if the charges are substantiated and the CBS board decides it has cause for termination. Moonves will receive the $120 million as severance if the investigation doesn't substantiate the allegations.
BREAKING: Leslie Moonves will depart as Chairman, President and CEO of CBS Corp, effective immediately. COO Joseph Ianniello will serve as President and acting CEO while the Board conducts a search for a permanent successor. https://t.co/dIRdYsaPrX pic.twitter.com/pytNgTYqtw
— CBS News (@CBSNews) September 9, 2018
There are numerous reports that CBS CEO Leslie Moonves will be stepping down in the next 24 hours. According to sources, Moonves’ settlement package will be held back pending the results of an independent sexual misconduct investigation.
— CBS News (@CBSNews) September 9, 2018
