New York (CNN Business)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 eligible to receive as much as $140 million upon his exit. When he was forced out in September amid sexual harassment and assault allegations, $20 million was set aside for grants and the remaining $120 million was set up in a trust.
