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".

Related Articles:

« Previous article

Popular Pages

Nadal advances to US Open semi-final
Nadal moves forward to a clash with Juan Martin del Potro, who defeated John Isner, in a rematch of last year's semi-final. In the fifth, Nadal held three break points at 5-all, love-40, but Thiem took the next five points told serve.

Luke Shaw injury: Man Utd star 'doing fine' after Carvajal collision
One player that has really benefitted from this change of approach is Saul who wasn't used in Russian Federation . But the game was overshadowed by a horrific injury to England's left-back, Luke Shaw .

Four Dead, Including Suspect, In Ohio Bank Shooting
The Cincinnati Enquirer reports Yudy Martinez Perez slumped against a kitchen wall and muttered denials after she heard the news. In one clip, a security officer could seen helping a man off the ground and to safety before Perez walks by moments later.

Rose leads as Fleetwood moves into position after another 62
Two of his birdies came on the par-5s, and another at the par-4 11th where he knocked an approach shot from 95 yards to 2 feet. He won that week for his 79th career victory on tour but is still stuck on the mark five years later.

Police search home of couple who raised $400K for homeless man
GoFundMe allows users to raise money to pay for a variety of causes and expenses, from medical bills to college tuition. The couple's attorney, Ernest Badway, refused to comment on the search and whether or not they'd show up to be deposed.

US President calls for Justice Dept to probe op-ed author
The White House slammed the editorial, the author, and the New York Times in a blistering statement issued on September 5. There was no surefire way to know, and that only deepened the president's frustrations.

Australian police probing up to five bodies found in Perth house
Neighbors said they often saw children playing in the front yard of the home. "I'm deeply saddened by what's happened". The Assistant Commissioner could not confirm the number of the deceased but said "up to" five bodies were found.

At rally, Donald Trump lauds Brett Kavanaugh progress, decries ‘meanness’
President Donald Trump says he'd "shut down the government over border security in a second" if it were up to him. "It's a real pickle", said GOP strategist Josh Holmes. "This thing should have been over with a long time ago".

Keys keeps cruising into second straight US Open semifinal
Keys also came close to winning the French Open in Paris earlier this summer, advancing to the semifinals. Keys and Suarez Navarro met three times previously, with Keys winning all three matches in three sets.

Google announces October 9 event for Pixel 3, Pixel 3 XL
Notably, Russian blog Rozetked claims to have gotten its hands on an actual 3 XL unit that Google, um, misplaced. If rumours are to be believed, Google's Pixel 3 will sport two 8-megapixel front cameras with f/1.8 aperture.