Les Moonves May Be Out as CEO But CBS Isn’t Cutting Ties to Him Entirely
Les Moonves may be gone from CBS, but he’s certainly not forgotten.
The former CBS chairman and CEO was forced to resign after Ronan Farrow published an additional six allegations of sexual misconduct against Moonves in The New Yorker on Sunday, but he hasn’t severed ties with the network completely.
First, there’s the matter of the $140 million payout ($20 million of which will be donated to #MeToo causes that Moonves will have a say in choosing), which will be held in a holdover trust while CBS investigates the accusations against Moonves. His receipt of that payout will be contingent on the outcome of the investigation. If he receives the payout, CBS will have to report it to investors. But because of a confidentiality clause, they may not have to make the results of their investigation public.
Then, there’s Moonves’s new role as an unpaid advisor at CBS (CBS). The role was included in his termination agreement and will last a year, while he is under investigation. If the board finds the allegations were true, his unpaid advisory role will end. To “facilitate such transition services,” CBS will provide Moonves with “office services and security services for up to two years following his resignation.”
The New Yorker published two articles, a month apart, that contained allegations of sexual assault, harassment, and misconduct against Moonves, including that he forced women to perform oral sex and that he ruined their careers.