The CBS board is reportedly negotiating a $100 million exit for CEO Les Moonves, as the investigation into sexual misconduct claims against him continues

pulse 13:27 - 06 September 2018

The CBS board is in "settlement talks" with CBS CEO Les Moonves for his exit from the company, CNBC's David Faber reported Thursday, citing "people close to the negotiations."

The CBS board is in settlement talks with CBS CEO Les Moonves for his exit from the company, CNBC's David Faber reported Thursday, citing "people close to the negotiations."

If the talks are successful, Moonves' right-hand man, COO Joe Ianniello, will serve as interim CEO, according to CNBC.

A sticking point is Moonves' exit package, according to the report. While his contract would entitle him to up to a golden parachute of up to $180 million, given the ongoing investigation into sexual harassment claims against the CEO, the board is reportedly offering him about $100 million. The board is also reportedly seeking the right to claw back a portion of that package depending on the findings of the investigation.

This isn't the first sign that Moonves might be on his way out. Last month, NBC News reported that Shari Redstone, CBS' (and Viacom's) controlling shareholder, had been asking around for a possible replacement for Moonves.

Moonves' potential exit from CBS comes at a time of twin sources of turmoil for the company.

The first is a protracted battle between Moonves (and the CBS board) and Redstone over whether to merge CBS and Viacom, both of which her company National Amusements controls. Redstone favors such a merger while CBS leadership does not. The conflict has gone on for months and involved a legal fight over control of CBS that is close to being settled, according to multiple outlets.

But the more proximate cause of Moonves' potential exit is the ongoing investigation into sexual misconduct allegations made against him. Six women accused Moonves of sexual misconduct in an explosive New Yorker report in July by investigative journalist Ronan Farrow, raising questions about the overall culture within CBS. The women alleged that Moonves forcibly touched or kissed them, or negatively influenced their careers when they did not succumb to his advances.

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