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The network explained its decision, saying "there are grounds to terminate for cause, including his willful and material misfeasance" and failure to cooperate with the company's investigation.
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According to a report obtained by The New York Times, lawyers working for CBS say Moonves obstructed an investigation into his alleged sexual misconduct. His lucrative exit package may be withheld.
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The company's board of directors decided not to take further action against the CEO and chairman as it conducts an independent investigation into sexual assault allegations against him.