Moonves Keeps His Job For Now as CBS Looks for Independent Investigator

CBS Shares Nosedive as Board Debates CEO Les Moonves' Future

Stephen Colbert addressed the sexual misconduct allegations against his boss at CBS, Leslie Moonves, and he did so on the CBS-owned The Late Show with Stephen Colbert on Monday night. The CBS Board of Directors yesterday took no action in the matter, saying it would seek outside counsel to investigate it further.

The article was in a "quality publication", The New Yorker, in which six women accused Moonves of "forcible" acts like touching and "violent kissing".

Les Moonves is facing allegations of sexual assault from several former business associates, including actress Illeana Douglas, writer Janet Jones, producer Christine Peters, screenwriter Dinah Kirgo, and two additional actresses who chose to remain nameless.

"CBS board's inaction speaks volumes".

Leslie Moonves, president and CEO of CBS Corporation speaks at the Wall Street Journal Digital Live conference at the Montage hotel in Laguna Beach, California, US October 21, 2015.

The CBS annual meeting is scheduled for August 10. He gave us the time and the resources to succeed and he has stood by us when people were mad at me.

The sources told CNNMoney that the Monday meeting was scheduled before a bombshell report in the New Yorker Friday detailed allegations against the CEO.

Moonves, 68, is one of the global media industry's highest-paid executives and could receive a severance package of more than $180 million based on his contract and the terms of his departure, according to CBS filings with the U.S. Securities and Exchange Commission. Jones told The New Yorker that as she sat on the couch and began her pitch, Moonves "threw himself" on top of her and then tried to kiss her. Moonves, in the article, acknowledged there were times decades ago when he may have made some women uncomfortable by making advances, but he said he never used his position to harm anyone's career.

"I have known my husband, Leslie Moonves, since the late '90s, and I have been married to him for nearly 14 years", Chen wrote. Both Moonves and CBS vice-chairwoman Shari Redstone were in attendance. "Those were mistakes, and I regret them immensely", Moonves said.

"I don't know what's going to happen, but I do believe in accountability".

"From the perspective of what would be best for CBS and its shareholders, we think the best choice (among a set of bad ones, to be sure) would be for Moonves to step down and immediately be replaced by COO Joe Ianniello", Creutz wrote.

At 2:30 p.m., CBS shares were trading at $51.12, down 5.4 percent.

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