The media executive resigned from his role at the company in September after a dozen women came forward alleging sexual misconduct. Moonves has denied the accusations.
Former CBS CEO Les Moonves will not receive his $120 million severance package following a sexual misconduct probe, the company's board of directors announced Monday evening.
"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 board said in a statement.
The media executive resigned from his role at the company in September after a dozen women came forward alleging sexual misconduct. Moonves has denied the accusations of nonconsensual sexual relations.
CBS shares were up slightly in extended trade. The stock has fallen sharply this year, declining nearly 20 percent since the start of 2018.
A version of the report prepared for the CBS board said that Moonves destroyed evidence and misled investigators, The New York Times reported earlier this month. The lawyers wrote that they found Moonves to be "evasive and untruthful at times and to have deliberately lied about and minimized the extent of his sexual misconduct."
www.cnbc.com
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