Mass media company CBS has announced the exit of their CEO Leslie Moonves following several allegations of sexual misconduct. 

The board has appointed the current Chief Operating Officer Joseph Ianniello as the President and Acting CEO until the Board searches for a permanent successor. Joseph Ianniello is working with the company from last thirteen years, the company announced him as the COO of CBS in 2013. The Chairman's position will remain open pending the appointment of a permanent CEO.

The allegations against the CEO came to light after English daily New Yorker wrote an article about Leslie Moonves sexual misconduct with six women. Recently the newspaper also wrote an article about him which carried allegations from six more women. 

Though the CEO denied all such allegations by the women, Post the article the company has been investigating such claims against the CEO. 

In a media statement, the company has said that Moonves and CBS will donate $20 million to one or more organizations that support the #MeToo movement and equality for women in the workplace. 

The donation, which will be made immediately, has been deducted from any severance benefits that may be due Moonves following the Board’s ongoing independent investigation led by Covington & Burling and Debevoise & Plimpton. 

The statement also mentioned that Moonves will not receive any severance benefits at this time (other than certain fully accrued and vested compensation and benefits); any payments to be made in the future will depend upon the results of the independent investigation and subsequent Board evaluation.

Pic Source- CNBC.