CBS Board: Ex-CEO Les Moonves Will Not Receive $120M Severance Payment
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LOS ANGELES (CBSLA) — Former CBS CEO Les Moonves "will not receive any severance payment from the company" following an investigation by the CBS Board of Directors that determined "grounds to terminate with cause", the company announced Monday.
A statement released by the board detailed those grounds to include Moonves' "willful and material malfeasance, violation of company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the company's investigation".
"Mr. Moonves will not receive any severance payment from the company," according to the board.
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