CBS CEO Moonves negotiating exit with board

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Time's Up, the advocacy organization that sprang from revelations about sexual assault and harassment in the entertainment industry, is urging CBS board members not to provide Leslie Moonves with a hefty severance package amid reports of the CEO's looming departure from the company.

A New Yorker report in late July featured claims against Moonves from six women spanning different time periods over two decades, from 1985 to 2006.

As negotiations continue between CBS and the Redstone family dominated National Amusements over ending their legal battles and Les Moonves' reign, Time's Up are making it very clear today that they think the $100 million and more that the CEO is looking to receive as he exits could be better used elsewhere. CBS, led by Moonves, has opposed the move.

CBS did not immediately respond to an AFP request 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".

Viacom shares traded flat on Thursday.

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Moonves received a total compensation of $69.33 million in 2017, making him one of the highest paid USA executive.

Moonves, who has remained in charge despite the allegations against him, signed an employment contract in May 2017 that provides for a severance package worth almost $180 million if he is removed without cause.

As reported by CNBC, citing people familiar with the negotiations, the exit package will be made up nearly entirely of CBS stock.

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. But I always understood and respected - and abided by the principle - that "no" means 'no, ' and I have never misused my position to harm or hinder anyone's career.

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