Les Moonves is done at CBS!
He has officially stepped down after 15 years as the chairman and CEO of the network, reveals CBS.
His ousting comes following more women coming forward and accusing him of sexual misconduct.
With his exit being with immediate effect, CBS has revealed that Joseph Ianniello, the Chief Operating Officer of the network will step in as President and Acting CEO as the board finds a permanent replacement for Moonves.
It was previously reported that Moonves would be handed upwards of $100 million if he accepted a severance package.
However, a follow-up story to Ronan Farrow's original piece in The New Yorker found more women coming forward about incidents, and it is now said that the network will be donating $20 million of any potential severance to one or more of the organizations that support the #MeToo movement.
"Moonves and CBS will donate $20 million to one or more organizations that support the #MeToo movement and equality for women in the workplace," reads a statement from CBS.
One of the women who accused Moonves was Phyllis Golden-Gottlieb, who said that Moonves went as far as physically restraining her and forcing her to perform oral sex on him.
Moonves opened up about the original allegations when they came to light in July, revealing that he "may have made some women uncomfortable" during his career.
But what did he say about his ousting from CBS?
Yes, Les released a statement via The New Yorker, and you can read it below.
For the past 24 years it has been an incredible privilege to lead CBS’s renaissance and transformation into a leading global media company.
The best part of this journey has been working alongside the dedicated and talented people in this company. Together, we built CBS into a destination where the best in the business come to work and succeed.
Untrue allegations from decades ago are now being made against me that are not consistent with who I am. Effective immediately I will no longer be Chairman and Chief Executive Officer of CBS.
I am deeply saddened to be leaving the company. I wish nothing but the best for the organization, the newly comprised board of directors and all of its employees.
Paul Dailly is the Associate Editor for TV Fanatic. Follow him on Twitter.