Les Moonves may have tried to make a graceful exit amid multiple sexual misconduct allegations, but he’s not out of the woods yet because his gigantic exit payout hangs in the balance as investigators still look into the claims made against him.
According to a filing by CBS, within 30 days of ousting Moonves the company will put $120,000,000 into a grantor trust. However, if the board determines that CBS can actually terminate Moonves’ employment contract for cause, the entire sum of cash goes back to the company and Moonves gets zilch.
Of course, Moonves will be entitled to fight the board’s decision if they strip his cash, which he will most likely do seeing as he has denied the allegations levied against him as more and more women come forward.
If it’s found that Moonves did nothing wrong, he will get to keep his millions of dollars and help CBS transition into the next generation of leadership. He’ll also get to keep an office space and given security services for two years.
Along with the $120 million, CBS and Moonves have agreed to donate $20 million to organizations that support the #MeToo movement, as well as equality for women in the workplace.
Sunday night Moonves announced he was leaving the company, and said, “Effective immediately I will no longer be Chairman and Chief Executive Officer of CBS, adding “I am deeply saddened to be leaving the company. I wish nothing but the best for the organization, the newly comprised board of directors and all of its employees.”
His wife, Julie Chen‘s, future at CBS has not yet been addressed.