Just three days after word of his departure from AOL Time Warner Inc. leaked out, Richard Bressler landed as senior vice president and chief financial officer at Viacom Inc last Monday.
Bressler had been chief financial officer of Time Warner Inc.-and had headed its digital-media unit-before its merger with America Online Inc. was completed in January.
After the merger, Bressler took over AOL Time Warner Investment Corp., a unit that made strategic equity investments and provided venture capital to companies relevant to AOL Time Warner's operating businesses. He was also an executive vice president of the company.
Bressler succeeds Fred Reynolds, who earlier this month said he would step down for personal reasons. In tandem with the Bressler announcement, Viacom said Reynolds was named president of the CBS Television Stations Division, reporting to CBS Television Group president Leslie Moonves. Reynolds will oversee the unit's 35 television stations.
"Rich Bressler is an extraordinary executive with superb credentials on Wall Street," Viacom president and chief operating officer Mel Karmazin said in a prepared statement. "He has a deep understanding of the competitive and business issues facing our industry and he has consistently demonstrated outstanding leadership and skill at every stage of his career."
Bressler had similar praise for his new bosses.
"This is a unique opportunity to contribute to an extraordinary company with great assets, great brands and an exceptional management team," Bressler said in a press release. "Having competed with and admired Mel and Sumner Redstone for many years, I know that we share a common vision that will enable us to work together to continue to build and maximize the value of Viacom's businesses for its shareholders."
The smarter way to stay on top of the multichannel video marketplace. Sign up below.