CBS Corp.’s board denied a $120 million severance payment to Chief Executive Officer Les Moonves, saying he violated the company’s policies and failed to comply with an internal investigation.
Les Moonves
Photographer: Chris Goodney/Bloomberg
The longtime CEO agreed to step down in September in the wake of a dozen complaints of sexual harassment. His severance was contingent on the outcome of an investigation by two law firms hired by the company.
“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,” the New York-based company said in ...