CBS.WD Cbs Corp.

By Joe Flint 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (October 22, 2018).

CBS Corp. interim chairman Richard Parsons is resigning because of health issues. New board member Strauss Zelnick will succeed him.

In a statement Sunday, Mr. Parsons said he has been fighting multiple myeloma and complications have now arisen that has led his doctors to advise reducing his workload. Mr. Parsons had only joined the CBS board about six weeks ago.

"Unfortunately, unanticipated complications have created additional new challenges, and my doctors have advised that cutting back on my current commitments is essential to my overall recovery," Mr. Parsons said, adding, "I trust CBS' distinguished board, now led by Strauss Zelnick, as well as CBS' strong management team led by Joe Ianniello, will continue to successfully guide this Company into its very bright future."

The departure of Mr. Parsons is the latest shake-up on the CBS board, which has been going through a transition phase since Leslie Moonves was forced to resign as chairman and chief executive in early September because of allegations of sexual harassment and assault. Mr. Moonves has denied he ever forced himself on anyone. Two other CBS board members -- Bruce Gordon and William Cohen -- resigned less than a month ago.

A former chief executive of Time Warner Inc., Mr. Parsons was brought in to lend a steady hand to CBS in the wake of Mr. Moonves' departure. He had also developed a close relationship with Shari Redstone, a vice chair of CBS and president of National Amusements Inc., the controlling shareholder of the broadcaster.

Mr. Zelnick, who joined the CBS board at the same time as Mr. Parsons in early September, has an array of media experience having held senior posts at BMG Entertainment and 20th Century Fox. He is currently chairman and chief executive of videogame publisher Take-Two Interactive Software Inc.

One of the first priorities for Mr. Zelnick and the board is to determine who will be its next chief executive. Mr. Ianniello, chief operating officer, was named acting chief executive in September and is a candidate for the position, but the company is also expected to consider outside candidates as well.

Over the last month, Mr. Ianniello has made several leadership changes at CBS. Last week, he named Showtime President David Nevins chief creative officer of CBS. The move is significant because unlike Mr. Moonves who rose up the ranks through the Hollywood side of the business, Mr. Ianniello has no programming experience. Mr. Nevins will be in charge of content for the CBS Network as well as Showtime and the CBS streaming service All Access.

Write to Joe Flint at joe.flint@wsj.com

(END) Dow Jones Newswires

October 22, 2018 02:47 ET (06:47 GMT)

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