CBS has detemined that Leslie Moonves, who reigned as one of the most powerful men in show business for years before his ouster as CBS Corp. CEO, was fired for cause. Deadline reports that the decision means Moonves “will not be getting a single dime of the $120 million in severance he expected after stepping down under allegations of misconduct this fall.”
The company’s board announced the decision today.
In a statement, the company said: “The Board of Directors of CBS has completed its investigation of former Chairman and CEO Leslie Moonves, CBS News, and cultural issues at CBS.
“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. Mr. Moonves will not receive any severance payment from the Company.”
It is widely expected that Moonves will go to court to fight the decision.
Deadline adds: “The directors’ decision seemed all but inevitable, given the disclosures from a draft of an internal report obtained by the New York Times, which revealed that Moonves had destroyed evidence and misled investigators in an effort to protect his reputation and payout. In that preliminary report, investigators said they had substantiated numerous accusations of sexual misconduct, and uncovered previously undisclosed allegations of wrongdoing.”
Moonves stepped down from his position with the company back in September.