Les Moonves, CEO of CBS
Mike Blake | Reuters
Former CBS CEO Les Moonves, who left the media company in 2018 for sexual harassment and assault, has dropped an attempt to recoup a $ 120 million settlement.
The money that was held in a grantor trust will go back to what is now ViacomCBS after merging with Viacom in 2019. Both CBS and Viacom are controlled by Shari Redstone, who chairs ViacomCBS.
“The dispute between Mr. Moonves and CBS has now been resolved, and on May 14, 2021 the parties dismissed the arbitration,” ViacomCBS said in a corporate filing published on Friday.
Moonves filed for arbitration for the money in January 2019 after the CBS board of directors found Moonves violated company policies and was dismissed for cause. The CBS board identified in December 2018 has breached its contract and deliberately failed to cooperate with an internal investigation.
“With respect to Mr. Moonves, we have determined that there are reasons to resign for good cause, including his willful and material misconduct, breach of Company policies and his employment contract, and willful failure to cooperate fully with the Company’s investigation “said the board of directors of CBS in a statement at the time. “Mr. Moonves is not receiving any severance payments from the company.”
Moonves left CBS in September 2018 after a series of allegations by women spanning several decades, describing how Moonves coerced sexual acts and used his professional power in retaliation if they resisted.
Moonves was one of the highest paid CEOs in the US for many years, sometimes making more than $ 50 million a year. In 2015, Forbes estimated his net worth at $ 700 million.
Comments are closed.