The CBS Board of Directors announced Wednesday evening that it voted unanimously to retain the firms Covington & Burling and Debevoise & Plimpton to “conduct a full investigation of the allegations in recent press reports about Chairman and CEO Leslie Moonves, CBS News and cultural issues at all levels of CBS.”
The probe will be led by Nancy Kestenbaum at Covington & Burling and by Mary Jo White at Debevoise & Plimpton.
“To help facilitate the investigation, a Special Committee of Board members has been formed comprised of Bruce S. Gordon, Linda Griego and Robert N. Klieger. Mr. Moonves will have no role in the investigation and is entirely recused from it,” the board announced following its meeting Wednesday afternoon.
“The Board took no further action at this meeting pending discussion with counsel as to appropriate next steps,” the announcement notes, adding: “The Board noted that it takes these allegations seriously and is committed to acting in the best interest of the Company and all of its shareholders, and is confident that the employees of CBS will continue to perform at a high level as this process unfolds.”
The board also said it took action Wednesday to appoint Bruce S. Gordon to serve as Lead Independent Director of the Board of Directors.
The announcement adds: “Neither the Board nor the Company expects to comment further on this matter at this time.”