Les Moonves, the longtime head of CBS, is exiting the network following a second report containing sexual misconduct allegations against the executive.

His departure comes on the heels of a second New Yorker report this weekend by Ronan Farrow in which six more women came forward to accuse Moonves of sexual misconduct or assault, including exposing himself and forcing them to perform oral sex on him.

CBS made the announcement Sunday and said Moonves' exit was effective immediately. Chief operating officer Joseph Ianniello will serve as president and and acting CEO until a permanent replacement is found.

In addition, CBS and Moonves will donate $20 million to one or more organizations supporting the #MeToo movement and equality for women in the workplace. This donation will be deducted from any severance owed to Moonves, though CBS said he will not receive that severance until the board has completed its independent investigation of the allegations.

In a statement, Moonves said, "For the past 24 years it has been an incredible privilege to lead CBS' renaissance and transformation into a leading global media company. The best part of this journey has been working alongside the dedicated and talented people in this company. Together, we built CBS into a destination where the best in the business come to work and succeed.

"Untrue allegations from decades ago are now being made against me that are not consistent with who I am."