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CBS Corp. appoints Richard Parsons as interim chairman

CBS Corporation has named Richard Parsons, formerly a chairman for Citigroup and Time Warner, as the mass media company’s interim chairman of its board of directors. Parson’s appointment was unanimously approved ...
September 26, 2018

CBS Corporation has named Richard Parsons, formerly a chairman for Citigroup and Time Warner, as the mass media company’s interim chairman of its board of directors.

Parson’s appointment was unanimously approved by the board, and comes less than a month after CBS reorganized its board following the resignation of CEO Les Moonves amid sexual misconduct allegations.

“We have a distinguished and independent Board that is steadfast in its commitment to serve the best interests of all shareholders,” said Parsons in a statement. “I think I speak for all Board members when I say I look forward to learning more about CBS’ compelling opportunities and how we can help guide and support the company’s growth.”

Following Moonves’ departure, Parsons’ name appeared repeatedly as business trades speculated about who his replacement might be. At present, CBS COO Joseph Ianniello is serving as president and acting CEO as a search for a replacement is undertaken.

Alongside Parsons’ appointment comes the resignation of longtime board members Bruce Gordon and William Cohen, who will step away to focus on “other personal and professional priorities.”

The pair had served on the board of directors since CBS became a stand-alone public company in 2006.

Their departures leaves the panel with 11 members: Parsons, Candace Beinecke, Barbara Byrne, Brian Goldner, Susan Schuman, Strauss Zelnick, Gary Countryman, Linda Griego and Martha Minow. On behalf of NAI, in addition to Sumner Redstone, Robert Klieger remains on the board.

It’s not immediately clear if the vacated seats of Gordon and Cohen will be replaced.

(With files from Barry Walsh)

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