Following allegations of sexual abuse by at least six more women in an article by THE NEW YORKER’s RONAN FARROW, CBS Chairman and CEO LES MOONVES has resigned.

MOONVES’ departure is part of a larger agreement to settle ongoing litigation between CBS’ controlling shareholder SHARI REDSTONE and NATIONAL AMUSEMENTS INC, which was headed to court on OCTOBER 3rd.  CBS COO JOE IANNIELLO has been named as interim CEO, while a search is launched for MOONVES’ successor.

The Details

Under the settlement reached between CBS and MOONVES, the parties will donate $20 million to organizations involved in the #MeToo movement, deducted from MOONVES’ severance benefits following an independent investigation by COVINGTON &  BURLING and DEBEVOISE & PLIMPTON; a release said that MOONVES “will not receive any severance benefits at this time (other than certain fully accrued and vested compensation and benefits)” and future payments depend on the results of the investigation and Board evaluation.

At the same time, five current independent directors and one NATIONAL AMUSEMENTS-affiliated director have stepped down from the Board, and six new independent directors have been elected.   CANDACE BEINECKE, BARBARA BYRNE, BRIAN GOLDNER, RICHARD D. PARSONS, SUSAN SCHUMAN, and STRAUSS ZELNICK have been elected to the board, with WILLIAM COHEN, GARY COUNTRYMAN, LINDA GRIEGO, and MARTHA MINOW staying on and Vice Chair SHARI REDSTONE and ROBERT KLIEGER remaining on the board representing NATIONAL AMUSEMENTS.

Finally, REDSTONE’s NATIONAL AMUSEMENTS confirmed it will hold off on proposing a merger between CBS and VIACOM for at least two years after the date of the settlement.