Les Moonves may have been forced to resign as CEO of CBS Corporation, but he will not leave the company despite accusations of sexual assault that have been made by 13 women.
A presentation presented by CBS to the United States Securities and Exchange Committee obtained by DailyMail.com on Monday revealed that Moonves would stay for two years to help advise the company in order to ensure a smooth transition.
That presentation also revealed that in his position Moonves would receive his own office and a security detail, paid for by CBS.
CBS will also place $ 120 million in a trust that will be awarded to Moonves pending the outcome of two investigations into these allegations.
And the $ 20 million that Moonves allegedly donated to several #MeToo charities is actually coming out of the pocket of CBS Corporation.
The time is not over: Les Moonves will not leave CBS despite having been forced to resign as CEO, and instead will advise the company for two years (Moonves up in 2017)
Familiar Faces: A SEC filing that has been obtained by DailyMail.com shows that you will get your own office and security details that CBS will pay over the next two years.
– Sir. Moonves agreed to perform transitional advisory services for the Company for one year after his resignation (or, if prior, until the date on which the Board determines that the Company has the right to terminate his employment for cause) in order to provide smooth transition of your duties, & # 39; reads the presentation.
"In order to facilitate such transition services, the Company will provide Mr. Moonves with office services and security services for up to two years after his resignation."
The presentation also reviews Moonves' compensation package, though it does not go into detail about how it might be affected by the investigations, other than whether it is authorized to receive the full amount owed to it under its contract.
"Within thirty (30) days after the Completion Date, the Company will also contribute $ 120,000,000 to a granting trust," he says.
"In the event that the Board determines that the Company has the right to terminate Mr. Moonves's employment for just cause under his contract of employment and Mr. Moonves does not require arbitration with respect to such determination, the assets of the trust of grantor will be distributed to the Company and the Company will have no further obligations to Mr. Moonves & # 39;
Just before that, the company reveals that they will cover the charitable donation.
Within thirty (30) days after the Completion Date, the Company will make contributions for a total amount of $ 20,000,000 to one or more charitable organizations that support the #MeToo movement and equality for women in the workplace, organizations that have been designated by Mr. Moonves in consultation with the Company ", declares the presentation.
That line seems to contradict the statement made a day earlier by the company in a press release.
"Moonves and CBS will donate $ 20 million to one or more organizations that support the #MeToo movement and equality for women in the workplace," the statement said.
"The donation, which will be made immediately, has been deducted from the severance benefits that may be due to Moonves after the ongoing independent investigation conducted by Covington & Burling and Debevoise & Plimpton."
Speaking in public: Norah O'Donnell said she and Gayle King support the decision made by CBS after Les Moonves was forced to resign on Sunday (O'Donnell on Monday)
Deja vu: He also said he could not believe that CBS staff This Morning was dealing with another scandal 10 months after the departure of Charlie Rose (King, Rose and O & # 39; Donnell in 2017)
The CBS presenters this morning addressed the news that Moonves had been forced to resign during the weekend at the top of his show on Monday.
After reviewing the latest accusations against Moonves, co-host Norah O & # 39; Donnell took a moment to make some powerful observations about the news.
She also noticed that she and her co-hostess Gayle King, who left on Monday, were surprised that, after the departure of Charlie & # 39; s Rose, they were learning once again that a man they knew so well had been accused of such horrible abuses. of power.
Moonves confessed to having sex with four of the seven women whose accusations were published on Sunday, but said they were all consensual.
& # 39; This is really difficult. It's. It's hard for everyone like CBS News. I have not talked about this before because when you think about it, I think that the most powerful media executive in the United States has resigned after this movement, "said O & # 39; Donnell.
"And he's my boss or he was my boss, and that makes it difficult to comment on."
O'Donnell confessed that the accusations took her by surprise when they left for the first time in July.
& # 39; Les has always treated me with justice and respect. So for me it's been another sleepless night thinking about this, the pain that women feel, the courage it takes for women to come forward and talk about this, "O & # 39; Donnell said.
& # 39; And I really did not know what I was going to say this morning. I know he had to say something, so Gayle and I have talked and texted, and I said, "You know, Gayle, I'm looking forward to November when we deal with the accusations against our former co-host."
"And Gayle said in a way," yes, but I did not think we would still be the story in September. "And ten months later we're still talking about this.
O 'Donnell turned to look directly at the camera and emitted the same powerful comments he made a day after his former co-host Rose was removed from the network.
& # 39; There is no excuse for this alleged behavior. It is systemic and ubiquitous in our culture. And this I know that this is true to the core of my being: women can not achieve equality in the workplace or society until there is a calculation of accounts and a responsibility, "said O & # 39; Donnell.
The host then briefly composed himself before adding, "So I'm very proud to work here on CBS News, this has hurt morale, but there are really good people coming to work every day.
"As a journalist I trust that the truth will come to light because it is being investigated, there are two prominent investigations that some really good lawyers are carrying out, this must end and the story will continue."
John Dickerson responded by applauding O & # 39; Donnell and revealing that he had discovered that a woman close to him had been subject to a similar situation three decades earlier, and noted that he is still dealing with the consequences of that incident.
& # 39; Still staying with her. Not just the feeling at the moment, but the impotence later, "said Dickerson.
& # 39; So I can not agree more with what you said. & # 39;
CBS Corporation headed to Moonves' exit in a press release on Sunday, but did not implicitly state that the potential CEO might eventually not receive compensation.
& # 39; Moonves will not receive any compensation benefits at this time (apart from certain compensations and benefits fully accumulated and with acquired rights); Any payment made in the future will depend on the results of the independent investigation and the subsequent evaluation of the Board, read the statement.
The company also revealed who would be replacing Moonves.
"The director of operations, Joseph Ianniello, will serve as interim president and general manager, while the board conducts a search for a permanent successor," the statement said.
– Sir. Ianniello, who joined the company in 2005, has been CBS operations director since June 2013. The position of president will remain open pending the appointment of a permanent CEO. "
Representatives of Time & # 39; s Up spoke on the matter of the separation of Moonves in a statement after the news of their potential payday broke for the first time on Thursday.
& # 39; $ 100 million is a huge sum of money. In fact, it's more than the average American woman will gain over the course of 50 lives, "he said.
"Instead of rewarding a supposed predator, these $ 100 million could fund the legal defenses of countless women and men facing harassment and abuse in the workplace."
The departure of Moonves from the company will also solve another legal headache for the corporation in its current battle with National Amusements, its largest shareholder.
The beleaguered CBS boss had tried to stop Shari Redstone's attempt to merge CBS with another company in which National Amusements is the controlling shareholder, Viacom.
A National Amusements representative has long disputed the idea that Redstone would once try to push for an unwanted merger, a claim that was confirmed on Monday with filing with the SEC.
"As part of the agreement, NAI confirmed that it has withdrawn its proposed merger of CBS and Viacom and that it has no current plans to propose such a transaction," read the documents filed by CBS.
However, those talks could be reopened in two years by National Amusements, or earlier by Viacom or the board of directors of CBS if they believe it is in the best interest of the company.