If nothing else, disgraced ex-head of CBS Les Moonves had a good run with the company, financially speaking. CNBC reports that his career earnings since CBS split off from Viacom in 2006 comes to more than $650 million, but now he’s in danger of leaving without any kind of financial severance package at all.
Before his resignation from CBS in the wake of wide-ranging accusations of sexual misconduct, Moonves was reported to be in the process of negotiating a very generous exit package from CBS, said to be somewhere between $100 million and $125 million. But now, things have changed, and depending on the results of an internal investigation into the matter by CBS he might be out with nothing.
Moonves served as president and CEO of the CBS Corporation since it was founded in 2006, having been with the network in various executive capacities going back all the way to 1995. In 2014, he was named executive chairman of CBS, and in the last 12 years various SEC filings by the company show his total annual compensation to be $650.2 million.
CBS has reportedly put away about $120 million in a trust in case of a financial settlement with any of Moonves’ accusers, which is likely where his severance package will go in the event that CBS determines that they’re accurate. In addition, CBS made the announcement recently that a $20 million donation to multiple organizations that support the “Me Too” cause and women’s equality in the workplace that will supposedly come out of funds for a Moonves severance package as well.
Moonves has also agreed to stay on with CBS Corporation in an advisory capacity to help switch over to whoever ends up serving as his indefinite replacement. But that gig, scheduled to last up to a year, would also come to an end if CBS finds Moonves acted inappropriately during his tenure.
Source: Celebrity Net Worth