CBS Corp.’s CBS, -6.08% independent board of directors said they would investigate allegations of personal misconduct by the media company’s chief executive, Leslie Moonves, in response to claims in an as-yet-unpublished New Yorker article.
“All allegations of personal misconduct are to be taken seriously,” the directors said in a statement. “Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the Board will promptly review the findings and take appropriate action.”
CBS’s board is looking to hire a law firm to conduct the probe, a person familiar with the situation said. The company has no plans to sideline Mr. Moonves during the investigation, the person said.
CBS shares fell by more than 5% Friday. A New Yorker spokesperson said: “We don’t comment on pieces we haven’t published.”
The investigation into Mr. Moonves comes at a sensitive time for him and CBS. The media company is engaged in a legal battle with its controlling shareholder National Amusements Inc., which holds nearly 80% voting stakes in CBS and Viacom VIA, +2.25% Inc.
An expanded version of this report appears at WSJ.com.
Most popular on WSJ.com:
‘I quit, I quit!’ Boardroom turmoil aggravates Univision’s problems
Amazon’s profit soars to record