Ousted CBS chief executive Les Moonves "will not receive any severance payment" from the company, the board of directors said Monday evening.
Under the terms of his enormously generous employment contract, Moonves was owed about $140 million. When he was ousted, $20 million was set aside for grants and the remaining $120 million was set up in a trust. The money has been in a holding pattern for months while the CBS board determined whether Moonves could be fired for cause, giving the company reason to claw back the $120 million.
On Monday, that's what the board said will happen now.
"With regard to Mr. Moonves, we have determined that there are grounds to terminate for cause, including his willful and material misfeasance, violation of Company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the Company's investigation. Mr. Moonves will not receive any severance payment from the Company," the board said in a statement.
An attorney for Moonves had no immediate comment.