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Asshole denied golden parachute


Even granting that it probably makes no material difference to his lifestyle, this kind of thing should happen more often:

Leslie Moonves, who led CBS as chief executive for 15 years before he was ousted in 2018, will receive nothing from the $120 million the company had set aside in a potential severance package, according to a federal filing on Friday.

Mr. Moonves left CBS on Sept. 9, 2018, after more than a dozen women accused him of sexual misconduct, allegations that appeared in two articles in The New Yorker by Ronan Farrow. Mr. Moonves has denied the allegations.

That October, as part of a separation agreement, the CBS Corporation board placed $120 million in a so-called grantor trust. That money would go to Mr. Moonves if the company found that there had been no grounds to fire him under his contract.

In December 2018, the board said it had determined that Mr. Moonves was indeed fired for cause, citing “willful and material misfeasance, violation of company policies and breach of his employment contract” in a statement at the time. Mr. Moonves disputed that finding and started arbitration proceedings concerning the possible exit package in January 2019.

On Friday, the matter came to a resolution nearly three years after it had begun, according to a filing with the Securities and Exchange Commission. “The assets of the grantor trust will revert to the company in their entirety,” it said.

The more typical “heads I win, tails I really win” CEO pay structure pretty much destroys the idea that this compensation has any particular relationship to merit or market value.

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