CBS shares drop after Moonves ouster

NEW YORK (AP) — Shares of CBS are down more than 3 percent in the first day of trading after the ouster of Les Moonves, the company’s chairman.

The CBS Corp., which has consistently been the most-watched network on television, declined $1.88 to $54.19 in morning trading Monday.

Moonves stepped down late Sunday following a story posted by The New Yorker that included a second round of ugly sexual misconduct accusations against the powerful television executive.

CBS chief operating officer, Joseph Ianniello, will take over for Moonves as president and CEO until the company’s board of directors can find a permanent replacement.