Les Moonves Will NOT Get $120 Million Severance Package After Sexual Misconduct Claims

Les Moonves will NOT get his enormous, $120 MILLION severance package, because the CBS Board of Directors has determined they had a right to fire him for cause ... and specifically, sexual misconduct.

The Board just said, "We have determined that there are grounds to terminate for cause, including his willful and material misfeasance, violation of Company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the Company's investigation."

The Board went on to say, "Mr. Moonves will not receive any severance payment from the Company."

Twelve women accused Moonves of various forms of sexual misconduct, including engaging in forced oral sex in his office in a 1995 meeting. Another woman claims she was "on call" for oral sex as part of her job.

Moonves has maintained any sexual encounter was consensual.

Moonves resigned his post as CEO of CBS back in September. His wife, Julie Chen, also stepped down from "The Talk" at the same time. She has, however, kept her role as host of "Big Brother" and "Celebrity Big Brother."