CBS.A CBS Corp

By Joe Flint 

CBS Corp.'s board of directors has named Richard Parsons interim chairman, and two other longtime directors have resigned, in the latest significant change in the broadcaster's ranks, the company said Tuesday.

A former chairman and chief executive of Time Warner Inc., Mr. Parsons only joined the CBS board a few weeks ago after Leslie Moonves stepped down as chairman and chief executive amid sexual misconduct allegations.

Known for his amiable personality and as a consensus builder, Mr. Parsons will look to bring stability to the CBS board and company, reeling not only from Mr. Moonves's abrupt departure but also amid questions about how accusations against him were handled.

Mr. Moonves denied allegations that he committed sexual assault, forced himself on any women or had ever harmed the careers of any women who had rebuffed his advances.

Mr. Parsons said in a statement that he looks "forward to learning more about CBS' compelling opportunities and how we can help guide and support the company's growth."

One of Mr. Parsons' top priorities will be leading a search for a new chief executive for CBS. Chief Operating Officer Joe Ianniello was named president and acting chief executive after Mr. Moonves resigned. He is a candidate, but the board is also expected to seek out other potential candidates for the position. Mr. Parsons was wooed to the CBS board by Shari Redstone, a CBS vice chair and president of controlling shareholder National Amusements Inc.

Leaving the board are lead independent director Bruce Gordon and William Cohen, both of whom led an effort to reduce the controlling stake in the company held by National Amusements Inc. to less than 20% from 80%.

The departure of Messrs. Gordon, former president and CEO of the National Association for the Advancement of Colored People, and Cohen, chairman and CEO of the Cohen Group and a former U.S. defense secretary, came as a surprise to board members. The pair emailed resignation letters without any explanation for their departure, according to a person familiar with the matter. The new CBS board is scheduled to meet for the first time this Friday. CBS said in its statements that they had resigned from their seats to "focus on other personal and professional priorities."

Neither Mr. Gordon nor Mr. Cohen could be reached for comment.

Write to Joe Flint at joe.flint@wsj.com

(END) Dow Jones Newswires

September 25, 2018 22:14 ET (02:14 GMT)

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