Former CBS Corp. CEO Leslie Moonves has told the company that he has demanded “binding arbitration” following the board’s determination that he was fired “for cause” and not entitled to receive a severance payment valued at $120 million, according to a filing with the SEC published Thursday morning.
Moonves’ employment was terminated on September 9, 2018 following multiple allegations of sexual misconduct. The CBS board had hired two outside law firms to investigate. On December 17, the board released a statement that said Moonves had breached his employment contract and would not receive severance.
Under Moonves’ separation agreement, he had 30 days following the board’s decision to decide whether to seek arbitration. Moonves has previously denied any wrongdoing.
In its December statement, the board said it made its decision following the completion of a months-long investigation into allegations of harassment and assault against Moonves and cultural issues throughout CBS and CBS News.
“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 board said.
In a short SEC filing on Thursday, CBS noted the Board’s decision in December, and said: “On January 16, 2019, Mr. Moonves notified the Company of his election to demand binding arbitration with respect to this matter.”
An attorney for Moonves did not respond to a request for comment.
- CBS investigates misconduct claims after CEO Les Moonves accused of sexual assault
- CBS Share Price Plunges Amid News of Forthcoming Les Moonves New Yorker Exposé
- TripIt Bags An ExIt – Acquired By Concur For Up To $120 Million
- 'Thor: Ragnarok' Has $46 Million Opening Day, Projected For Up to $120 Million Weekend
- Harassment allegations on 'Survivor' add to #MeToo drama for CBS
- Will Scandal-Scarred CBS News Pull the Plug on Its Chief, David Rhodes?
- ‘CBS This Morning’ Hosts Beam for New Boss Susan Zirinsky: ‘She Is a Bad-Ass in Every Sense of the Word’
- Leslie Moonves Faces New Harassment Claims as He Departs From CBS
- Jeff Fager, David Rhodes, Sean McManus Shuffled at CBS News: What the Shakeup Means
- CBS News Shakeup Could Be Good News for Norah O’Donnell