CBS CEO Les Moonves is Accused of Sexual Misconduct

Shares of CBS were in red territory on Friday, falling as much as 7% after a report in The New Yorker by Ronan Farrow revealed that CBS executive Les Moonves is accused of sexual misconduct.

The article published on Friday gave details on the allegations against the CEO, citing six women who said the executive had harassed them between the 1980’s and 2000’s.

Moonves said in a statement to CBS, “I recognize that there were times decades ago when I may have made some women uncomfortable by making advances. Those were mistakes, and I regret them immensely. 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.”

According to 19 current and former employees who spoke to the New Yorker, Jeff Fager, the executive producer of “60 Minutes” was one of the people allowing the harassment to happen.

Farrow tweeted on Friday, “A quick reminder that I don’t comment on reporting I haven’t published, and if you’re reading about my work from secondary sources you’re often not getting the full or correct story—especially in cases where parties have an interest in downplaying or otherwise spinning.

CBS issued the following statement: “All allegations of personal misconduct are to be taken seriously. The Independent Directors of CBS have committed to investigating claims that violate the Company’s clear policies in that regard. Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the Board will promptly review the findings and take appropriate action. The timing of this report comes in the midst of the Company’s very public legal dispute. While that litigation process continues, the CBS management team has the full support of the independent board members. Along with that team, we will continue to focus on creating value for our share owners.”

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