The board of CBS Corp. (NYSE: CBS) says it will stop its search for a new chief executive officer. The temporary CEO will keep the job for the balance of the year. Perhaps no one is anxious to take on the position for a company that is so badly positioned for the streaming internet age, or one that has become a dwarf among media giants.
The board announced:
Joseph Ianniello has agreed to extend his role as CBS Corporation’s President and Acting Chief Executive Officer for six additional months through Dec. 31, the Company announced today. In addition, as a testament to the accomplishments achieved by Ianniello since he became President and Acting CEO, CBS’ Board of Directors determined it would suspend its search for another Chief Executive Officer.
In a statement, CBS’ Board of Directors said: “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.”
Since assuming his current role in September 2018, Ianniello has successfully positioned CBS as a multiplatform premium content company, overseeing all operations while working closely with management and the creative community.
Ianniello may have another incentive. He made $27,359,452 in 2918, $22,116,488 in 2017 and $29,039,143 in 2016.
Additional speculation is that a new CBS CEO may not get the top job if the company merges with Viacom Inc. (NASDAQ: VIAB), which has been mentioned as a possibility for years. Both companies are essentially controlled by the Sumner family. However, based on what Ianniello makes, the new CEO would get a large exit package.