CBS does not appear poised to release the findings of the investigation that led to its decision to deny the $120 million exit package that had been earmarked for ousted CBS Corp. Chairman and CEO Leslie Moonves.
The company admitted mistakes in an official statement released Monday, which you can read in full by clicking here. But the statement does not provide much in the way of details.
“With regard to Mr. Moonves, we have determined that there are grounds to terminate for cause, including his 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,” the statement says. “Mr. Moonves will not receive any severance payment from the Company.”
The statement also notes: “As a result of their work, the investigators also concluded that harassment and retaliation are not pervasive at CBS. However, the investigators learned of past incidents of improper and unprofessional conduct, and concluded that the Company’s historical policies, practices and structures have not reflected a high institutional priority on preventing harassment and retaliation. The investigation determined that the resources devoted to the Company’s Human Resources function, to training and development, and to diversity and inclusion initiatives have been inadequate, given the size and complexity of CBS’ businesses. Employees also cited past incidents in which HR and the Company did not hold high performers accountable for their conduct and protect employees from retaliation.”
The statement adds that the company’s board has already begun “robust steps” to improve the workplace environment.
“Among other things, the Company appointed a new Chief People Officer, is actively engaged in ways to enhance and reimagine the Human Resources function, and has retained outside expert advisors to develop other initiatives for promoting a workplace culture of dignity, transparency, respect and inclusion.”