Disgraced former CBS Corp. (CBS - Get Report)  CEO Leslie Moonves will not receive his massive $120 million golden parachute, the media giant said Monday in a statement.

Moonves, the ex-chief executive of CBS, was accused of sexual misconduct over the summer in a New Yorker report, and was ejected from the network in September.

"With regard to Mr. Moonves, 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 company's board said in a statement.

The former CEO, who was accused of abusing his authority as head of CBS and engaging in coercive sexual misconduct with several lower-ranking employees, has denied any wrongdoing.

CBS said in a statement Monday night that Moonves would not receive any severance pay from the company. His payout was reportedly worth $120 million.

CBS, which closed down 2.6% in regular trading was up about 1.5% in after-hours action. 

The board's investigation also looked at CBS News and the "culture" of the company, said the statement. The "company's historical policies, practices and structures have not reflected a high institutional priority on preventing harassment and retaliation," according to the statement." In addition, "Employees also cited past incidents in which HR and the Company did not hold high performers accountable for their conduct and protect employees from retaliation."

Nevertheless, the company "concluded that harassment and retaliation are not pervasive at CBS."

CBS says the company's board, which includes six new members, and new management, are taking "robust steps" to improve conditions for all employees and to create a "workplace culture of dignity, transparency, respect and inclusion."

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