The board of media company CBS (CBS) has engaged CEO Leslie Moonves in talks that would pave the way for his exit, CNBC reported, citing sources.
According to the report, Moonves is due as much as $180 million in severance and a production deal. The board, however, is offering a roughly $100 million severance package made up almost entirely of the company’s stock. Sources told CNBC that the board also wants the right to recover some of the compensation if it’s determined that sexual misconduct allegations against the CEO are confirmed.
The negotiations for his exit have been going on for an extended period of time because both sides could not agree on his severance package, sources said.
Moonves’ departure would also lead to the appointment of chief operating officer Joe Ianniello as his interim replacement, CNBC said.