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Now that the CEO of CBS Corporation, The Moonves, has left office, the company wants to get rid of the scandal and move on. Looking ahead, the first memo from interim CEO Joe Ianniello was titled "Looking Forward".
But many eyes will still be on the Wolves and his potentially gargantuan golden parachute.
The Moonves could earn $ 120 million in severance pay – or it could get a lot, a lot less. It all depends on the outcome of the investigation into the allegations of sexual misconduct in his past.
According to a document filed by the SEC, $ 120 million will at present be in the form of a "grantor trust".
"In the event" the CBS board of directors "determines that the company has the right to terminate the employment of Mr. Moonves for just cause" – meaning that he was dismissed because of credible harassment complaints – the $ 120 million deposit.
One thing is certain: Moonves and CBS will contribute $ 20 million "to one or more organizations that support the #MeToo movement and the equality of women in the workplace."
According to a document filed by the SEC, Moonves will select the organizations "in consultation with the company".
That $ 20 million would have been part of Moonves' severance package, for a total of $ 140 million. Instead, the donation will give CBS and Moonves coverage amid criticism of the potential payout.
Related: An amazing end to a historic race for the Moonves
Moonves was under contract until 2021, realizing nearly $ 70 million a year in cash and shares. He therefore had some bargaining power even in cases of harassment and allegations of aggression.
When Ronan Farrow of The New Yorker released Moonves' first story in July, Moonves admitted to making mistakes in the past, but said he never abused his power. The CBS board, considered to be very pro-moon, hired two law firms to investigate, but did not suspend or reprimand the firm.
As law firms began their work, Farrow continued to report. On Sunday morning, he published a follow-up story with additional and even more serious allegations.
At that time, Moonves and the CBS Board of Directors mutually agreed to resign.
The settlement was formalized Sunday evening.
Moonves said in a statement that Farrow's "false allegations" are not compatible with who I am.
What about money?
According to the filing of the SEC, CBS will pay the $ 120 million to the trust in the course of next month.
But it will take time to know what's going on.
First, the investigators must submit their report. Then the newly redesigned board – with six new independent directors on Sunday night – will evaluate the report.
"The Board will determine whether the Company has reason to terminate Mr. Moonves 'employment for cause under his employment agreement within thirty (30) days of the finalization of the Independent Investigators' Final Report. after January 31, 2019, "said the filing of the SEC.
Even in this case, the result may not be definitive. Moonves has the right to take CBS in binding arbitration.
A legal battle could ensue and a referee could decide how much money Moonves needs.
The possibility of a nine-figure payment has already sparked controversy in Hollywood and elsewhere.
Rachel Bloom, co-creator and star of "Crazy Ex Girlfriend" on the CW, half-owned by CBS, shared the story of Farrow on Twitter and said"As a CBS employee, I would just say that Les Moonves should be fired without having to pay a dollar.The actions described in this article are those of sexual assault and shame on anyone in the society that knew his crimes. "
After the release of Moonves has been announced and CBS has declared that it will have no compensation at the moment, Bloom has posted a new message: "Good". At CBS, she says, invoking Rosh Hashanah, "in the spirit of the New Year, let this be the beginning of a new era."
Ianniello gave a similar tone in his memo.
He said Sunday's reshuffle "marks a major transition for all of us as Leslie Moonves leaves CBS".
"The departure is taking place at a time when we are operating in a position of great strategic strength," Ianniello said. "As you all know, there is incredible work going on throughout the company, and I'm confident we have the best people to continue to build on our exceptional success."
CBS shares traded about 3% at the start of trading on Monday.
CNNMoney (New York) First published on September 10, 2018: 10:44 ET
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