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Les Moonves, Longtime CBS Chief, Steps Down
Source: New York Times
Les Moonves, Longtime CBS Chief, Steps Down
By Edmund Lee
Sept. 9, 2018
Leslie Moonves, the longtime chief executive of the CBS Corporation, stepped down on Sunday night from the company he has led for 15 years. His fall from Hollywood’s highest echelon was all but sealed after the publication earlier in the day of new sexual harassment allegations against him.
The CBS board of directors announced his departure, effective immediately. As part of the agreement, the network said it would donate $20 million to one or more organizations that support equality for women in the workplace. The donation will be deducted from a potential severance benefit to Mr. Moonves that could top $120 million, according to two people familiar with the settlement agreement. He will not receive any severance payment, the board said, until the completion of an independent investigation into the allegations.
The company also announced that five members of its board will replaced with new directors. Joseph Ianniello, the chief operating officer of CBS and one of Mr. Moonves’s closest advisers, was named the interim chief executive.
The departure of Mr. Moonves marks a stunning reversal for an executive who has led the company for 15 years and is credited with turning CBS into television’s most-watched network. But he has been under intense pressure since July, when The New Yorker published an initial article in which six women accused him of sexual harassment.
-snip-
By Edmund Lee
Sept. 9, 2018
Leslie Moonves, the longtime chief executive of the CBS Corporation, stepped down on Sunday night from the company he has led for 15 years. His fall from Hollywood’s highest echelon was all but sealed after the publication earlier in the day of new sexual harassment allegations against him.
The CBS board of directors announced his departure, effective immediately. As part of the agreement, the network said it would donate $20 million to one or more organizations that support equality for women in the workplace. The donation will be deducted from a potential severance benefit to Mr. Moonves that could top $120 million, according to two people familiar with the settlement agreement. He will not receive any severance payment, the board said, until the completion of an independent investigation into the allegations.
The company also announced that five members of its board will replaced with new directors. Joseph Ianniello, the chief operating officer of CBS and one of Mr. Moonves’s closest advisers, was named the interim chief executive.
The departure of Mr. Moonves marks a stunning reversal for an executive who has led the company for 15 years and is credited with turning CBS into television’s most-watched network. But he has been under intense pressure since July, when The New Yorker published an initial article in which six women accused him of sexual harassment.
-snip-
Read more: https://www.nytimes.com/2018/09/09/business/les-moonves-longtime-cbs-chief-may-be-gone-by-monday.html
