CBS’s Moonves Toppled by Harassment Cases, Redstone Clash
- CEO will step down from media giant effective immediately
- Company also settles Redstone dispute over board control
This article is for subscribers only.
Les Moonves, who led CBS Corp. to the pinnacle of the TV industry with shows like “The Big Bang Theory” and “N.C.I.S.,” will step down from the business he’s run for more than 20 years after being accused of sexual harassment and running afoul of his biggest investor.
Moonves, 68, will relinquish the titles of chairman and chief executive officer of CBS immediately, CBS said in a statement on Sunday. Chief Operating Officer Joseph Ianniello will replace him as chief executive officer on an interim basis while the company searches for a permanent leader. CBS will set aside a $120 million payout for Moonves -- unless the ongoing investigation into his alleged behavior shows he could have been fired for cause.