New York (CNN Busienss) Ousted CBS chief executive Les Moonves "will not receive any severance payment" from the company, the board of directors said Monday evening. The board members said they had concluded that they had ample reason to fire Moonves, thus denying him severance. Under the terms of his enormously generous employment contract, Moonves was owed about $140 million. The $120 million has been in a holding pattern for months while the CBS board awaited findings from two law firms that were hired to investigate the allegations against Moonves. The law firms interviewed many of the women who had accused Moonves of sexual misconduct.

Source: CNN December 17, 2018 22:30 UTC