Leslie Moonves, president and chief executive officer of CBS Corp., speaks during an interview in New York, U.S. (Photographer: Daniel Acker/Bloomberg)

CBS to Terminate Moonves for Cause, Won’t Pay $120m Severance

(Bloomberg) -- CBS said in a statement that it completed its investigation of former chairman and CEO Leslie Moonves, and found that there were grounds to terminate him for cause.

  • Co. said Moonves will not receive any severance payment
    • Grounds include "willful and material misfeasance, violation of Company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the Company’s investigation"
  • Investigators also concluded that resources devoted to Human Resources, training and development, and diversity and inclusion have been inadequate
  • NOTE: Earlier, CBS Moonves Decision Is Said to Come Soon, With Payout Unlikely
CBS to Terminate Moonves for Cause, Won’t Pay $120m Severance

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