CBS suspends search for a new CEO, extends performing CEO Ianniello by way of 2019

CBS suspends search for a new CEO, extends performing CEO Ianniello by way of 2019

Leslie Moonves and Joseph Ianniello

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CBS announced Tuesday that it will suspend its search for a new CEO and that it will maintain performing CEO Joseph Ianniello in the purpose by way of the conclusion of the yr.

Earlier this thirty day period, CNBC experienced documented that CBS experienced skipped its personal inner deadline to obtain a successor for Les Moonves, who resigned amid sexual misconduct allegations.

Ianniello assumed the purpose in September and experienced earlier served as CBS’ chief functioning officer and has been with the enterprise because 1997.

The media giant’s board stated in a release, “Joe has shown exceptional leadership during this time of unparalleled changeover at CBS.” The board stated Ianniello “steadied the ship” and shown a “determination to cultural alter.”

Shares of CBS rose somewhat in postmarket investing adhering to the information.

CNBC earlier documented that Shari Redstone would like to reunite CBS and Viacom. Redstone serves as vice chair of both equally corporations.

Viacom shares rose approximately 1% in immediately after-several hours trade Tuesday.

Resources acquainted with the circumstance have earlier informed CNBC that Redstone would like Viacom CEO Bob Bakish to lead the combined enterprise. CNBC also documented that Ianniello could potentially grow to be the No. two at a combined CBS-Viacom.

— With reporting from CNBC’s Alex Sherman.

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