CBS Leaves Moonves in Charge For Now

Board of directors is selecting outside counsel to conduct an independent investigation of allegations of personal misconduct against CEO

 Les Moonves said in a statement that he made ‘mistakes’ but said he never misused his position to harm or hinder anyone’s career. Photograph: Chris Pizzello/Invision/AP
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CBS Corporation’s board of directors is selecting outside counsel to conduct an independent investigation, it said on Monday, following allegations of personal misconduct against CEO Leslie Moonves.

Moonves is the subject of a New Yorker story detailing sexual misconduct allegations.

On Friday CBS stock fell 6% – its worst one-day loss in nearly seven years – as reports of the misconduct allegations began to circulate. The CBS chief has been a towering figure in television for decades, credited with turning around a network that had been mired for years at the bottom of the ratings.

CBS stock fell further on Monday, down $2.44, or roughly 4.5%, to $51.56.

READ THE REST OF THE STORY HERE  AT THEGUARDIAN.com

Published on July 30, 2018 at 9:44 pm by boredop

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