CBS board ‘deep’ in negotiations for Les Moonves to exit company (report)

The CBS board is currently “deep” in negotiations with CEO Leslie Moonves to exit the company, CNBC’s David Faber reports.

“The board of directors of CBS is deep in settlement talks with the company CEO Leslie Moonves that would result in his exit,” Faber said.

Such a departure would make CBS COO Joe Ianniello the interim CEO, per Faber.

The hangup is Moonves’ exit package. Under his contract, Moonves is due $180 million in severance plus a production deal. Faber says the board is currently offering a package worth roughly $100 million, mostly in stock.

In addition to that slashing of that golden parachute, the CBS board wants to retain the option to recover more of that compensation should an investigation into sexual harassment accusations against Moonves uncover more inappropriate behavior.

Reps for CBS did not immediately return TheWrap’s requests for comment on Faber’s story.