Les Moonves exited CBS Corp more than a week ago, but some of the corporate perks he accumulated during his 24-year run at the company are still in place.
The longtime media executive’s separation agreement entitles Moonves to a $120 million payment if the board determines it has no grounds to terminate him. That determination will be based on the findings of a pair of independent investigations looking into allegations of sexual misconduct. He might also walk away with nothing, should the internal probes produce damning evidence that would justify terminating him for cause.
Moonves’ separation agreement, however, as noted in some recent Securities and Exchange Commission filings, entitles him to perquisites that go beyond the financial. He’ll remain an advisor to the company for a year, to provide for a “smooth transition of his duties.” That arrangement could abruptly end, pending the outcome of the investigations. In support of this new role, CBS agreed to provide office and security services for up to two years.
The executive, who departed after a dozen women came forward amid allegations of sexual misconduct, appears to have surrendered some of the parting gifts he would have been entitled to under his employment contract. Those benefits include company-paid travel by private plane, something comparable to the corporate jet.
Moonves has described the allegations as “untrue” and “not consistent with who I am.”
Questions about Moonves’ golden parachute began circulating on social media yesterday, as producer, writer and director Judd Apatow demanded answers.