Les Moonves Not Receiving $120 Million Exit Package

Name: Les Moonves Not Receiving $120 Million Exit Package
Start: 1949-12-17
Location: Unspecified

Les Moonves and CBS: A Controversial Departure

Background on Les Moonves

Les Moonves, who served as the Chief Executive Officer of CBS Corporation, had been a significant figure in the television industry. Under his leadership, CBS became one of the largest television networks in the United States. However, as the #MeToo movement gained momentum, allegations of sexual misconduct started to surface against him, leading to a tumultuous period for both Moonves and the network.

Allegations Against Les Moonves

In July 2018, multiple women came forward with allegations of sexual harassment against Moonves, detailing incidents that spanned several decades. These serious accusations put mounting pressure on CBS and ultimately led to an internal investigation into his conduct.

CBS's Decision on Moonves' Exit Package

Announcement of No Exit Payout

In September 2018, CBS announced that Les Moonves would not receive the lucrative $120 million exit package he was entitled to after his resignation. This significant decision reflected the company's commitment to accountability and its response to the seriousness of the allegations against him.

Board's Investigation Results

The CBS board of directors conducted a thorough investigation into the allegations against Moonves, which ultimately concluded that the accusations were credible. As a result, they determined that he would not receive any severance benefits, marking a notable shift in corporate governance regarding high-profile executives.

Fun Fact

Les Moonves’ Interesting Fact

Before becoming the CEO of CBS, Les Moonves was instrumental in launching popular shows like CSI: Crime Scene Investigation and The Big Bang Theory, further solidifying his reputation as a television executive. However, his legacy is now overshadowed by the allegations made against him.