CBS.WD Cbs Corp.

By Joe Flint and Emily Glazer 

Former Walt Disney Co. Chief Operating Officer Tom Staggs has emerged as a top candidate to become CBS Corp.'s new CEO, people familiar with the matter said, as the network looks to turn the page on months of uncertainty and upheaval since the departure of Leslie Moonves over allegations of sexual harassment.

The interest in Mr. Staggs has been informally conveyed to the executive, who left Disney in 2016 when it became clear he wouldn't succeed Robert Iger as Disney's chief executive, the people said.

Mr. Staggs is first on the list -- which includes about 10 people -- "by a reasonably wide margin," one of the people said.

Wooing him could be challenging. When he was approached weeks ago, Mr. Staggs expressed reservations but remained open to further discussions, people close to the parties said.

The CEO search comes as Shari Redstone, president of National Amusements Inc., which controls CBS and sister company Viacom Inc., has pushed for a merger of the two companies, a scenario that would force either Viacom CEO Bob Bakish or the new CEO of CBS to relinquish their title.

Ms. Redstone's plan led to a legal battle earlier this year between CBS and National Amusements, which ended when a deal was struck that involved the exit of Mr. Moonves and several board members. As part of the deal, Ms. Redstone agreed to not seek a merger of CBS and Viacom for two years. However, the boards of the two companies can independently pursue a combination.

The CBS board is considering how to sweeten an offer for Mr. Staggs, one of the people said. One possibility that could appeal to Mr. Staggs and other candidates of his stature is if the position was executive chairman and chief executive, a person close to the company said.

The CEO and chairman jobs have been open since Mr. Moonves's departure in September. CBS Chief Operating Officer Joe Ianniello is currently serving as interim chief executive. Take-Two Interactive Software Inc. CEO Strauss Zelnick is serving as interim chairman.

Mr. Staggs hasn't met with Ms. Redstone, vice chairman of CBS and president of National Amusements, people familiar with the matter said.

Mr. Staggs had seemed Mr. Iger's most likely successor at Disney when he stepped down in 2016 after learning that Mr. Iger and the rest of the board had decided to broaden the search for Mr. Iger's successor to include more candidates, The Wall Street Journal reported a the time.

CBS's board, which has six new members since Mr. Moonves was forced out, retained the search firm Korn Ferry to find a permanent chief executive, and is considering several candidates.

CBS's board on Monday said Mr. Moonves wouldn't receive any of his $120 million severance package because he breached his employment contract and failed to cooperate fully with an investigation into the matter.

A lawyer for Mr. Moonves on Monday said the CBS board's conclusions were without merit. "Mr. Moonves vehemently denies any non-consensual sexual relations and cooperated extensively and fully with investigators," Andrew Levander, Mr. Moonves's lawyer, said in a statement.

--Shalini Ramachandran contributed to this article

Write to Joe Flint at joe.flint@wsj.com and Emily Glazer at emily.glazer@wsj.com

(END) Dow Jones Newswires

December 18, 2018 16:58 ET (21:58 GMT)

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