NEW YORK, Feb. 3, 2016 /PRNewswire/ -- CBS Corporation
(NYSE: CBS.A and CBS) announced today that Leslie Moonves has been elected the next Chair
of the CBS Board of Directors. Mr. Moonves was nominated by
Shari E. Redstone, Vice Chair of the
CBS Board, and his appointment was confirmed by a unanimous vote of
the CBS directors. He also will continue to serve as President and
Chief Executive Officer of CBS, positions he has held since 2006.
Mr. Moonves' election by the Board follows the recent resignation
of Sumner M. Redstone from his position of Executive Chairman,
which was effective February 2, 2016,
and his appointment to the role of Chairman Emeritus, CBS
Corporation. Ms. Redstone, Mr. Redstone's daughter, will continue
to serve as Vice Chair of the CBS Board, a position she has held
since 2005.
"I am honored to accept the chairmanship of this great Company,"
said Moonves. "I want to thank Sumner for his guidance and strong
support over all these years. It has meant the world to me. I am
particularly grateful that Shari
Redstone has agreed to continue in her role as Vice Chair of
the Company. Her business acumen and knowledge of the media space
remain very important to me as we move forward, and I greatly
appreciate her support and invaluable counsel. I would also like to
thank our excellent board of directors, who have contributed so
significantly to our success. The people of CBS have achieved much
together and I believe the best is yet to come."
Leslie Moonves joined CBS in 1995
after a distinguished career at Warner Bros. Television and Lorimar
Television. He has held positions as President of CBS
Entertainment (1995-1998), President and CEO of CBS Television
(1998-2003) and Chairman of CBS Television (2003-2004). In
2004, Mr. Moonves also became Co-President and Co-Chief Operating
Officer of Viacom and remained so until CBS's separation from
Viacom in 2006 when he became President and Chief Executive Officer
of CBS Corporation.
Before electing Mr. Moonves, the CBS Board offered the position
of Non-Executive Chair to Ms. Redstone, but she declined in light
of her other professional and personal responsibilities, and in
recognition of her confidence in Mr. Moonves. Ms. Redstone serves
as Co-Founder and Managing Partner of Advancit Capital, a venture
capital firm that invests in early stage companies focusing on
media, entertainment and technology. Ms. Redstone also serves as
Vice Chair of Viacom, and as President of National Amusements,
Inc., which is the controlling shareholder of Viacom and CBS, and
owner of the international chain of Showcase and Cinema de Lux
theaters.
"I have been fortunate to work with Les and he has clearly
established himself as a creative and effective leader who
understands both the challenges and the opportunities that are
shaping today's media landscape," said Ms. Redstone. "I am sure he
will make a great Chair and I look forward to working with him for
many years to come."
Disclosure Notice
All statements in this release other than statements of
historical fact are, or may be deemed to be, "forward-looking"
statements, and reflect CBS Corporation's current expectations
concerning future results and events. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially from those indicated in the
forward-looking statements. Important factors that could cause
actual results to differ materially from our expectations include,
without limitation: changes in legislation, tax rules or market
conditions; other domestic and global economic, business,
competitive and/or regulatory factors affecting CBS Corporation's
businesses; and other factors described in CBS Corporation's news
releases and filings with the SEC including, but not limited to,
its most recent Forms 10-K, 10-Q and 8-K. You should not place
undue reliance on these forward-looking statements, which apply
only as of the time of this news release. Except to the extent
required by applicable securities laws, we do not undertake any
obligation to update any forward-looking statements contained in
this release as a result of new information or future events or
developments.
About CBS Corporation
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company
that creates and distributes industry-leading content across a
variety of platforms to audiences around the world. The Company has
businesses with origins that date back to the dawn of the
broadcasting age as well as new ventures that operate on the
leading edge of media. CBS owns the most-watched television network
in the U.S. and one of the world's largest libraries of
entertainment content, making its brand —"the Eye" — one of the
most recognized in business. The Company's operations span
virtually every field of media and entertainment, including cable,
publishing, radio, local TV, film, and interactive and socially
responsible media. CBS's businesses include CBS Television Network,
The CW (a joint venture between CBS Corporation and Warner Bros.
Entertainment), CBS Television Studios, CBS Global Distribution
Group (CBS Studios International and CBS Television Distribution),
CBS Consumer Products, CBS Home Entertainment, CBS Films, CBS
Interactive, Showtime Networks, CBS Sports Network, TVGN (a joint
venture between CBS Corporation and Lionsgate), Smithsonian
Networks, Simon & Schuster, CBS Television Stations, CBS Radio
and CBS EcoMedia. For more information, go to
www.cbscorporation.com.
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SOURCE CBS Corporation