CBS CFO Fred Reynolds to retire
Deputy CFO Joseph Ianniello to take overNEW YORK -- CBS Corp. is set to get a new CFO as the company said Monday that company veteran Fred Reynolds will retire effective Aug. 15.
Taking over for Reynolds will be Joseph Ianniello who becomes CFO and EVP effective July 20. He has served as deputy CFO since November.
"Joe has been a key member of my senior management team for some time now, and his significant experience in the industry, as well as his 12 years in key financial positions at CBS, make him uniquely qualified for this new role," said president and CEO Leslie Moonves.
"It is impossible to overstate the contribution that Fred has made to the CBS Corporation through his many years with our company," Moonves also said. "He has guided our Finance division through virtually every major transformative event of the last 15 years, from the acquisition by Westinghouse of CBS in 1995, to our Infinity acquisition the following year, to the Viacom-CBS merger of 2000 and the subsequent launch of CBS Corporation as a stand-alone company in 2006."
Ianniello told THR that he will continue the management team's focus on both cost savings and new revenue opportunities plus take a conservative approach to dealmaking. "I don't see any significant M&A on the horizon," he said.
"We are going through challenging times," Ianiello said about the current recession, but reiterated that local advertising seems to be stabilizing. "Our local bujsinesses are early indicators. They are steady and picking up" momentum slightly week-over-week, he said.