CBS Corporation Appoints Richard Parsons Acting President

NEW YORK – CBS Corporation has appointed Richard Parsons, a long-time media and finance executive, as Acting Chair of the Board of Directors, while announcing that two other Board members are retiring. The council continues to seek a chief executive to replace Leslie Moonves, who resigned earlier in September on allegations of sexual assault and harassment.

Parsons, 70, previously held the position of CEO and President of Time Warner, helping to stabilize the company in the years following its catastrophic merger with AOL in 2000. He served as Acting CEO of the Los Angeles Clippers for four months in 2014 and Citigroup 's Board of Directors from 1996 to 2012, to eventually assume the role of President.

Parsons' appointment was unanimously approved by the Board of Directors on Tuesday, following a recommendation by the Nominating and Governance Committee of the Board, the company said in a statement.

"Dick Parsons combines in-depth knowledge of the industry with unparalleled business and board experience," said Candace Beinecke, chair of the committee. "We are fortunate to have Dick in this leadership role."

Bruce Gordon, CBS board member, past president and CEO of NAACP, and William Cohen, former US Senator and Secretary of Defense, will step down.

CBS continues its search for a permanent replacement for Moonves. Former CFO Joseph Ianniello is currently acting CEO.

The CBS Board has already hired two law firms to conduct an independent investigation into sexual and cultural misconduct issues across the CBS. This investigation is expected to be completed by January 31, 2019, and Council will determine whether Moonves should receive a payment of $ 120 million based on its findings.