Media giant CBS said it will deny Les Moonves a $120 million severance package, saying the former chief executive tried to conceal evidence and misled the company during the months-long probe into sexual misconduct accusations 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,” the board said Monday.
“Mr. Moonves will not receive any severance payment from the company.”
In September, Moonves stepped down as chairman and CEO amid sexual misconduct accusations from a dozen women published first by Ronan Farrow in The New Yorker.
CBS’ board hired two independent law firms, Debevoise & Plimpton and Covington & Burling, to look into whether Moonves had violated the company’s sexual harassment clause, making him ineligible to obtain his severance.
A draft of their report was leaked to The New York Times earlier this month and included lurid details of Moonves behavior with employees and actresses looking for work at the company.
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