Former CBS CEO Leslie Moonves isn’t entitled to $120 million in severance, board finds

After an exhaustive four-month investigation that rattled CBS to its core, the company’s board of directors said Monday it was stripping former Chief Executive Leslie Moonves of his $120-million severance over allegations of sexual misconduct. CBS’ acting Chief Executive Joseph Ianniello said in a memo to staff that it was “good to have the investigation behind us” but added that “this does not mean our work is done, or that we don’t have significant improvements that will continue to be made.” Activists who called for Moonves’ firing praised the board’s action. Over the years, the 69-year-old executive helped shape events that would become part of American pop culture, including NFL Super Bowls, Masters golf tournaments and the high-profile ousting of actor Charlie Sheen from the sitcom “Two and a Half Men.” Moonves was instrumental in the creation of such hits as “Friends,” “E.R.,” “CSI: Crime Scene Investigation,” “NCIS” and “The Big Bang Theory,” and he grudgingly served as a longtime foil of David Letterman, CBS’ former late night talk show host, as the two had a stormy relationship. He recognized the value of older shows in CBS’ library, such as “I Love Lucy” and “The Mary Tyler Moore Show.” Moonves also was one of America’s highest-paid executives.