CBS CEO Leslie Moonves to Resign on Sexual Harassment Allegations

New allegations of sexual harassment have led to the ousting of CBS’s CEO Leslie Moonves.

Moonves is leaving his post after several allegations of sexual harassment throughout his career have surfaced.

Reporter Ronan Farrow revealed in two New Yorker articles that 12 women have alleged Moonves of sexual misconduct. It was in August that six women accused Moonves of sexual misconduct and damaging their careers. Another article from Farrow this past weekend revealed allegations from six more women.

CBS announced Moonves that Moonves will resign as chairman, president and chief executive officer “effective immediately.”

In his place, COO Joseph Ianniello will now act as president and acting CEO “while the Board conducts a search for a permanent successor.”

Moonves has denied the allegations and characterized his relationships with some of the women as consensual.

“Untrue allegations from decades ago are now being made against me that are not consistent with who I am,” Moonves said. “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.”

CBS has said that “Moonves and CBS will donate $20 million to one or more organizations that support the #MeToo movement and equality for women in the workplace.”

The $20 million will come out of any severance Moonves may receive following the CBS investigation.
CNBC’s David Faber said last week that CBS was considering a $100 million exit package for Moonves but with the new allegations from over the weekend, he may not get any package.

Disclaimer: We have no position in CBS Corporation Common Stock (NYSE: CBS) and have not been compensated for this article.