dearJulius.com Write For Us

CBS takes no action against CEO Moonves, seeks independent probe

SHARE:

Leslie Moonves, CBS CEO and president, was the subject of a meeting Monday among the network's 13-member board of directors -- stemming from sexual misconduct accusations. File Photo by John Angelillo/UPI

By Ed Adamczyk and Danielle Haynes, UPI

CBS Corp. declined to take immediate action against CEO Leslie Moonves over sexual harassment allegations Monday and instead said it was in the process of selecting an outside counsel to conduct an independent investigation.

The company made its decision during a regularly scheduled board meeting.

Six women accused Moonves, 68, of sexual misconduct in a story published Friday in The New Yorker. Some of the allegations date back to the 1980s.

[post_ads]Moonves has been CBS board chairman since 2003. The company has no written succession plan if he was to be relieved of his duties, except that a new chairman would be chosen by a majority of board members.

One person on the board is Shari Redstone, president of National Amusements. She and Moonves have been involved in a public dispute over possibilities of a CBS merger.

Moonves has opposed attempts by Shari Redstone to merge CBS and Viacom, a television and movie content company largely owned by Sumner Redstone, Shari Redstone's father. NAI and Viacom were split into two publicly traded companies in 2005. How Shari Redstone chooses to exercise her vote in retaining or firing Moonves could shape CBS' future.

CBS sued Shari Redstone, Sumner Redstone and NAI in May, alleging that the proposed merger is "not in the best interests of CBS stockholders." The Redstones later filed a reciprocal complaint, accusing CBS of attempting to strip them of voting privileges. The court case is pending.

CBS stock shares fell more than 4 percent in early trading Monday. The company has lost more than $1.5 billion in value since Friday's publication of the sexual misconduct allegations.

"We see a particularly inauspicious timing for CBS ... who might seek to exert further leverage under the current circumstances," analyst Tuna Amobi of CFRA Research wrote Monday. "We see potential far-reaching implications for CBS's corporate governance and possible questions related to management succession."

COMMENTS



Note: If you think this story need more information or correction, feel free to comment below your opinion and reaction.
Like & Follow to Stay Updated ...

Name

Alabama,1,Arizona,1,Barack,1,California,3,Colorado,1,Connecticut,1,Crime,531,Florida,1,Franc,1,Hawaii,8,Illinois,1,Los Angeles,2,Massachusetts,3,Mississippi,1,New York,128,U.S.,1557,Washington,4,
ltr
item
U.S. - U.S. Daily News: CBS takes no action against CEO Moonves, seeks independent probe
CBS takes no action against CEO Moonves, seeks independent probe
https://2.bp.blogspot.com/-kC6o6ffWtMA/W1_tcJhZlKI/AAAAAAAA2Kk/ILLgfSukO4UZcf6CJsDTeWdfS2WRMFWtACLcBGAs/s1600/1.jpg
https://2.bp.blogspot.com/-kC6o6ffWtMA/W1_tcJhZlKI/AAAAAAAA2Kk/ILLgfSukO4UZcf6CJsDTeWdfS2WRMFWtACLcBGAs/s72-c/1.jpg
U.S. - U.S. Daily News
https://us.dailynews.us.com/2018/07/cbs-takes-no-action-against-ceo-moonves.html
https://us.dailynews.us.com/
https://us.dailynews.us.com/
https://us.dailynews.us.com/2018/07/cbs-takes-no-action-against-ceo-moonves.html
true
3263844984480124152
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy