CBS Corp. Chief Financial Officer Fred Reynolds will retire next month, the Los Angeles Times reports.
"It is impossible to overstate the contribution that Fred has made to the CBS Corp. through his many years," Les Moonves, CEO of CBS Corp., said in a statement. "He has guided our finance division through virtually every major transformative event of the last 15 years, from the acquisition of Westinghouse of CBS in 1995, to our Infinity [radio] acquisition the following year, to the Viacom-CBS merger of 2000 and the subsequent launch of CBS Corp. as a stand-alone company in 2006."
Reynolds’ departure comes at a time when the economy and soft advertising market are playing havoc with CBS and other media conglomerates.
Joe Ianniello will replace Reynolds. He doesn’t expect to make any big deals soon.
"We feel comfortable right now, we don’t feel that we need any acquisition, but we are going to continue to invest in premium content going forward," Ianniello said.