The CBS board of directors is “deep in settlement talks” with CEO Leslie Moonves aimed at bringing about his departure from the company, CNBC reports, citing sources close to the negotiations. Chief Operating Officer Joe Ianniello is said to be lined up to become the interim replacement for Moonves.
Moonves’ role with the company has been the subject of speculation in recent weeks since he was hit with sexual harassment allegations.
“The talks have been going on for some time but have yet to reach a conclusion given continued back-and-forth about his exit package, the sources said,” CNBC reports, adding: “While under his contract he is due as much as $180 million in severance and a production deal, the board is offering a roughly $100 million exit package made up almost entirely of CBS stock, sources said.”
The board also reportedly wants the right to “claw back some of the compensation,” CNBC notes, should the allegations against Moonves be confirmed.