Moonves became CEO and president of CBS Corporation when it was founded in 2006 after spinning out of Viacom. He eventually became executive chairman in 2014. In total, Moonves received more than $650.2 million in total annual compensation for leading the company, according to various SEC filings.
Previously, he led various divisions of CBS, starting as president of CBS Entertainment in 1995. He was promoted to president and CEO of CBS Television in 1998, eventually becoming chairman of CBS in 2003. He also was co-president and co-chief operating officer of Viacom in 2004 and held the role until CBS and Viacom were split.
Sources told CNBC last week Moonves was negotiating a $100 million severance package if he were to leave CBS. However, in light of more allegations coming forward, he might receive no additional compensation, depending on the results of a CBS investigation into the sexual misconduct allegations. The company has put $120 million into a trust in order to pay any potential settlement, according to an SEC filing.
CBS also announced Moonves and the company will donate $20 million to one or more organizations that back the #MeToo movement and women's equality in the workplace. The funds will come out of any severance package Moonves will receive.
Moonves also agreed to be an advisor for CBS Corp. for up to one year to aid with the transition to a new executive. However, CBS retained the right to end his employment earlier if its investigation finds the sexual misconduct reports are true.