Leslie Moonves officially out at CBS

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CBS Corp. CEO and chairman is officially out.

  • CBS issued a statement late Sunday, Sept. 9, 2018, say that Moonves is no longer with the company, effective immediately.
  • Chief Operating Officer Joseph Ianniello will serve as president and acting CEO while the board conducts a search for a permanent successor.

  • CBS will not fill the chairman position until a permanent CEO is named.
  • Moonves and CBS will donate $20 million “to one or more organizations that support the #MeToo movement and equality for women in the workplace” immediately.
  • According to CBS, the donation¬†has been deducted from any severance benefits that may be due Moonves.
  • Moonves will not receive any severance benefits at this time,¬† other than certain fully accrued and vested compensation and benefits.
  • Any payments to be made in the future will depend upon the results of the independent investigation and subsequent board evaluation.
  • In addition, CBS also announced a settlement in its ongoing dispute with National Amusements.