Why CBS might still end up paying Les Moonves $120 million in severance

The New York Times

"Whether he collects the $120 million severance payment will come down to a seemingly simple question: Was he fired for 'cause'?" explains James B. Stewart. "For most people, the allegations against Mr. Moonves would be more than enough cause. But in the strange world of chief executive contracts, they may not be. Mr. Moonves’s most recent contract, which he signed last year, stipulates that cause for being fired includes a felony conviction, fraud, failing to cooperate fully in a company investigation and violation of any company policies, including those concerning sexual harassment. Mere allegations of sexual misconduct, which now have been made publicly against Mr. Moonves by 12 women, do not constitute cause. Nor is it likely that behavior that occurred before he joined CBS could be considered a violation of any company policy."