CBS has announced that former CEO Les Moonves will not receive his $120m severance package after the board of directors concluded he violated company policy and was uncooperative with an investigation into sexual misconduct allegations.

The decision on Monday which came after a five-month outside investigation capped the downfall of one of television’s most influential figures, the biggest entertainment powerbroker to see his career derailed amid the #MeToo movement against sexual misconduct.

A lawyer for Moonves said the board’s conclusions “are without merit” but did not say whether the former CEO would challenge it in arbitration.

Moonves was removed in September after allegations from women who said he subjected them to mistreatment including forced oral sex, groping and retaliation if they resisted.

“This is an important reminder that harassment happens everywhere and that in this moment, even someone who has been perceived as untouchable will be held accountable,” said Fatima Goss Graves, a cofounder of the Time’s Up Legal Defense Fund, which provides legal assistance to victims of assault, harassment or abuse.

“I hope other corporations are learning that lesson.”

New York-based CBS Corporation said at the time of Moonves’ departure that it had set aside $120m in severance for him but warned that he would not get the money if the board concluded it had cause to terminate him.

“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 CBS said in a statement.

The board did not provide details. Earlier this month, The New York Times said a draft report from the outside investigation found that Moonves deleted numerous text messages and was “evasive and untruthful at times”.

Andrew Levander, a lawyer for Moonves, said his client “vehemently denies any non-consensual sexual relations and cooperated extensively and fully with investigators.”

“Consistent with the pattern of leaks that have permeated this ‘process’, the press was informed of these baseless conclusions before Mr Moonves, further damaging his name, reputation, career and legacy,” Levander said.

Moonves had been widely admired for turning around the fortunes of CBS when he took over as entertainment chief in 1995 with hits such as Two and a Half Men and Survivor.

He was also one of the highest-paid executives in the nation, making about $70m in each of the past two years.

Lawyer Gloria Allred, who represents four women who have accused Moonves of misconduct, called on CBS to publicly release the details of the investigators’ findings and compensate those with provable misconduct claims.

“The public has a right to know who at CBS was aware of Mr Moonves’ alleged misconduct and when they knew of it,” said Allred, whose clients all spoke to the investigators.

“Instead of keeping this money and rewarding their corporation for Mr Moonves’ alleged misconduct, they should share these many millions with those who can prove that they are victims.”

Three major figures at CBS have lost their jobs over misconduct allegations: Moonves, 60 Minutes top executive Jeff Fager, and news anchor Charlie Rose.

In a move criticised by women’s rights activists, CBS had previously said Moonves would stay on as an adviser for up to two years, providing him with office and security services. The board did not say whether that decision remained in effect.

CBS declined to comment beyond its statement.