(Updates with Ianiello named successor, updates stock price)
DOW JONES NEWSWIRES
CBS Corp. (CBS) said Joseph Ianiello will become chief financial
officer next month as Fred Reynolds retires in August after a
38-year career in finance and business strategy.
Ianiello has served as deputy CFO since November, responsible
for financial strategy and other matters. Before that he served as
senior vice president, chief development officer and treasurer.
Reynolds has worked for CBS and several of its predecessors,
including the former Viacom and Westinghouse Electric Corp., since
1994. Ianiello also worked for Viacom and the old CBS as well.
Chief Executive Leslie Moonves said Reynolds "has guided our
finance division through virtually every major transformative event
of the last 15 years." They include the company's acquisition by
Westinghouse in 1995, its Infinity acquisition in 1996, the
Viacom-CBS merger in 2000 and the launch of CBS as a stand-alone
company in 2006.
Reynolds said Ianiello "has been my financial partner on
virtually every crucial transaction of this company over the past
several years." He said a large part of his decision to retire now
was based on knowing he could pass the reins to Ianiello.
Moonves said Ianiello has spent the last year working alongside
Reynolds to prepare for the transition.
Reynolds will step down as CFO on July 20 but remain executive
vice president while working with Moonves and other executives on
the transition of his duties before his Aug. 15 retirement.
Reynolds has been CBS's financial chief since its separation
from Viacom Inc. (VIA). Both companies, and nearly all of the media
business in general, have been struggling amid a worldwide drop in
advertising spending.
CBS's shares were recently down 4.2% at $7.03 amid a broader
market downturn.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089;
kerry.grace@dowjones.com