CBS Corporation(NYSE:CBS): CBS Corporation (CBS) Negotiating Terms Of CEO Exit

CBS Corporation(NYSE:CBS): CBS Corporation (CBS) Negotiating Terms Of CEO Exit

As reported by CNBC, citing people familiar with the negotiations, the exit package will be made up nearly entirely of CBS stock. While his contract would entitle him a golden parachute of up to $US180 million, the board is reportedly offering him about $US100 million given the ongoing investigation into sexual harassment claims against him.

In July, The New Yorker published an article in which six women who had worked with Moonves between the 1980s and late 2000s alleged they had been sexually harassed by the media executive.

CNBC is reporting that Leslie Moonves in now in settlement talks with the CBS board of directors about leaving the company. The 68-year-old executive is reportedly due almost $180 million in severance and a production deal under his current contract.

Moonves' potential exit from CBS comes at a time of twin sources of turmoil for the company.

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If Moonves does leave the network, Joseph Ianniello is likely to be named as an interim successor, the Times said. Moonves is "entirely recused" from the investigation, the statement from the board said. Moonves opposed the deal.

A spokesperson for CBS Corporation declined to comment. CBS and controlling shareholder Sumner and Shari Redstone's National Amusements are negotiationg the settlement to end a legal case about whether CBS can "dilute the voting power of NAI". It was not immediately clear if this could mean Moonves receives less than $100 million or anything at all.

One of the definitions for "cause" include "willful and material violation of any Company policy that is generally applicable to all employees or officers of the Company, including, but not limited to, policies concerning insider trading or sexual harassment", according to the filing.

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