CBS board discussing Moonves exit, a clearer way for a sale

Eileen GuzmanSep 09, 2018

CBS and Moonves are reportedly planning for the CEO's exit from the company he led for years-a company that loved him until he was accused of habitual sexual misconduct in an investigative report published by the New Yorker in August.

The board wants to be able to take back some of the compensation if the harassment allegations against Moonves are confirmed, CNBC said.

CNBC is reporting that Leslie Moonves in now in settlement talks with the CBS board of directors about leaving the company.

As negotiations continue between CBS and the Redstone family dominated National Amusements over ending their legal battles and Les Moonves' reign, Time's Up are making it very clear today that they think the $100 million and more that the CEO is looking to receive as he exits could be better used elsewhere.

Moonves, who has remained in charge despite the allegations against him, signed an employment contract in May 2017 that provides for a severance package worth almost $180 million if he is removed without cause.

The CBS board has hired two outside law firms to conduct an independent investigation into the claims against Moonves, as well as other issues throughout CBS and CBS News.

If Moonves does soon leave the company, he would be replaced by COO Joe Ianniello in the interim, CNBC reported.

A CBS spokesman declined to comment.

FILE PHOTO: CEO of CBS Corp, Leslie Moonves, waves on the first day of the annual Allen and Co. media conference in Sun Valley, Idaho, U.S., July 8, 2015. "Those were mistakes, and I regret them immensely".

That investigation is ongoing and could impact Moonves' severance, the sources said. "If you authorize payment of a big exit fee, you have to be acting in good faith to further shareholder interests".

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