CBS said its board has suspended its search for a permanent CEO and has extended the contract of president and acting CEO Joe Ianniello for an additional six months through the end of the year.
Ianniello was named acting CEO last year after Les Moonves was forced out. Moonves was feuding with the Redstone family, which controls CBS, and was accused of sexual harassment by several women. He was later accused of not being forthcoming with the law firms hired by the CBS board to investigate the charges.
The Redstone family has looked at ways to combine CBS with Viacom, the other media company it controls. The uncertainty may be making it difficult for CBS to find a permanent CEO.
CBS said that the additional six months was a recognition that Ianniello has been doing a good job running the company.
“Joe has demonstrated exceptional leadership during this time of unprecedented transition at CBS. He steadied the ship with some key appointments and a commitment to cultural change, and steered it forward by focusing CBS’ operations around its growing direct-to-consumer strategy. We are very pleased to recognize Joe’s talents and efforts with this extension, and we look forward to all that he’ll continue to do to build on CBS’ remarkable momentum,” the CBS board said in a statement.
Ianniello was COO of CBS since 2013 and was named to his current position last September. He joined CBS in 1997.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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