The former CEO of Les Moonves will not receive his $ 120 million severance package after a sexual misconduct probe, the company's board of directors announced Monday evening.
“About Mr. Moonves, we have decided that there are grounds for completion of a reason, including his willful and material misconduct, breach of the Company's policies and breach of his contract of employment, as well as his willful failure to cooperate fully with the Company "said the board in a statement.
The executive retired in the media in September following the emergence of a dozen women alleging sexual misconduct. Moonves denied the allegations of an unusual sexual relationship.
CBS shares were somewhat in expanded trade. This year has seen a significant decline in stock, reducing by almost 20 per cent since early 2018.
A version of the report prepared for the CBS board said that Moonves destroyed evidence and investigators, The New York Times earlier this month. The lawyers wrote that they found that Moonves were “inactive and uninviting at times and that they made a vague one and minimized their sexual misconduct.” T
Andrew Levander, Moonves attorney, told the Times that Moonves “were collaborating extensively and fully with investigators.”
Activist groups immediately recommended the decision of the board.
“CBS has taken calls! Without a golden parachute for Moonves, ”the National Organization for Women in New York chapter wrote on Twitter. The group challenged Moonves' severance package last week at the annual RAC shareholders meeting.
The company said its inquiry into Moonves, CBS News and “cultural issues at CBS” did not testify to widespread problems of harassment and revenge. However, he noted that incident investigators disclosed “improper and non-professional conduct.”
Given the size of the business of the SPCs, the investigators concluded that the company was not providing adequate resources to its human resources department, training and development, or to diversity and inclusion initiatives.
The statement stated that the company's policies, practices and historic structures did not reflect a high institutional priority in the prevention of harassment and revenge. ”
The company stated that it had already started with “strong steps” to improve its workplace.
“Among other things, the Company has appointed a new Chief Officer, is active in ways to enhance and recreate the HR function, and has retained external consultants to develop other initiatives to promote a culture of dignity, transparency, respect and respect for work. workplace promotion. inclusion, ”said the statement.
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