Les Moonves, the former CEO of CBS (NYSE:CBS), won’t be receiving his $120 million in severance.
The decision to not provide its ex-CEO with the $120 million in severance comes after an investigation into claims of misconduct concerning Les Moonves. The company notes that findings from the investigation allow the company to deny him the severance pay.
According to the CBS Board of Directors, Les Moonves broke his contract, which allows the company to fire him without severance. To go along with this, it was also found that Moonves was unwilling to cooperate with the investigation.
The investigation into claims of misconduct include statements from multiple women about alleged sexual harassment from Les Moonves. Among the allegations from women are forced oral sex, groping and the threat of retaliation if they resisted his advances, reports the Associated Press.
While CBS is refusing to pay Les Moonves the $120 million in severance, it also isn’t releasing the findings from the investigation. However, there are arguments for it to do so. These arguments come from legal representatives from the women making the claims against the former CBS CEO, as well as calls for compensation.
The claims being made against Les Moonves aren’t old, either. One of them came out just last year, but was only picked up by news sources recently. This one says that the former CBS CEO stuck his tongue down a women’s throat during a presentation pitching a new movie.
CBS stock was down slightly as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.