Leslie Moonves Denied Severance Payment

Former CBS Chairman and CEO Leslie Moonves will not receive any severance payment from the company following an inquiry into alleged sexual misconduct.

CBS’s board of directors 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.” He will not receive any of the previously expected $120 million in severance.

CBS also said that the investigators have concluded that “harassment and retaliation are not pervasive” at the company. “However, the investigators learned of past incidents of improper and unprofessional conduct and concluded that the company’s historical policies, practices and structures have not reflected a high institutional priority on preventing harassment and retaliation.”

The board, which has six new members, and the company’s new management have already started to take “robust steps” to improve the working environment, CBS said. The company appointed a new chief people officer, is engaged in ways to enhance and reimagine the human resources function and has retained outside advisors to develop other initiatives “for promoting a workplace culture of dignity, transparency, respect and inclusion.”

The board added: “These efforts will continue to be a high priority for the board and the company’s management, and we will continue to work together to communicate with our workforce in that regard.”