Moonves will not receive any severance payment until the completion of an independent investigationGETTY IMAGES
Longtime CBS CEO LES MOONVES last night "stepped down ... from the company he led for 15 years" after the "publication earlier in the day of new sexual harassment allegations against him," according to a front-page piece by Edmund Lee of the N.Y. TIMES. The CBS BOD said that Moonves will "not receive any severance payment, until the completion of an independent investigation into the allegations." CBS COO JOE IANNIELLO was named interim CEO. The departure of Moonves "marks a stunning reversal for an executive who is credited with turning CBS into television's most-watched network" (N.Y. TIMES, 9/10). AXIOS' Mike Allen reports CBS will "conduct an extensive CEO search." Sources said that a "leading internal candidate" is Showtime President & CEO DAVID NEVINS (AXIOS.com, 9/10). Moonves denied the accusations in a statement issued last night, saying, "Untrue allegations from decades ago are now being made against me that are not consistent with who I am." He added, "I am deeply saddened to be leaving the company" (AP, 9/10). Meanwhile, CBS said that $20M will be "donated to one or more organizations that support #MeToo and workplace equality for women." The AP's David Bauder notes that sum will be "deducted from any severance due Moonves" (AP, 9/10).
FALL FROM GRACE: The WALL STREET JOURNAL's Hagey & Flint in a front-page piece note Moonves "becomes the most prominent and powerful entertainment executive to be forced from his job as the #MeToo movement brings men to account for misbehavior" (WALL STREET JOURNAL, 9/10). In DC, Zeitchik, Horton & Ellison in a front-page piece write Moonves had "seemed bulletproof as of just six weeks ago, regarded as one of the entertainment world's most sterling executives." Some Wall Street insiders were "skeptical CBS would be able to continue as an independent company" (WASHINGTON POST, 9/10). In L.A., Meg James in a front-page piece writes Moonves' departure is a "stunning fall from grace for one of Hollywood's most respected entertainment executives" (L.A. TIMES, 9/10).
