CBS's board is in settlement talks with CEO Les Moonves that would result in his departure from the company and the appointment of COO Joe Ianniello as the interim CEO, according to people close to the negotiations.
The talks between Moonves and his board have been going on for some time but have yet to reach a conclusion given continued back and forth about his exit package. While under his contract he is due as much as $180 million in severance and a production deal, sources tell me the board is offering a roughly $100 million exit package made up almost entirely of CBS stock and wants the right to claw back some of that compensation if at the conclusion of an ongoing investigation into charges of sexual harrassment, Moonves has been found to have committed other inappropriate acts.
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