CBS CEO Les Moonves leaves abruptly

  • Push-out Score determined
  • After almost 13 years in the position
  • Thanks for Moonves
  • Joe Ianniello taking over in the interim
  • Search for a successor

(exechange) — New York, September 10, 2018 — Les Moonves, chief executive of CBS, leaves. It is an abrupt change. As announced by CBS Corporation in a news release published on Sunday, September 9, 2018 and in a regulatory filing published on Monday, September 10, 2018, Leslie (Les) Moonves leaves his post as Chief Executive Officer at the mass media company after almost 13 years in the role, effective immediately.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange. Only 37 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.

CBS will undertake a search for a successor.

Moonves’s duties will be taken over in the interim by Joseph (Joe) Ianniello, most recently Chief Operating Officer of CBS Corporation, as Acting Chief Executive Officer.

No reason given

In the announcement, CBS did not explicitly explain the reason for Moonves’s sudden move.

Moonves has resigned following allegations of sexual misconduct.

CBS said in a regulatory filing: “Within thirty (30) days following the Termination Date, the Company will make contributions in the aggregate amount of $20,000,000 to one or more charitable organizations that support the #MeToo movement and equality for women in the workplace, which organizations have been designated by Mr. Moonves in consultation with the Company.”

Precise information about Moonves’s future plans was not immediately available.

“Depart/resigned”

CBS said: “Leslie Moonves will depart as Chairman, President and Chief Executive Officer effective immediately.”

CBS further said: “Mr. Moonves has resigned as Chairman of the Board, President and Chief Executive Officer of the Company, effective immediately.”

In the position of CEO since 2006

Moonves has been Chairman of the Board of Directors since February 3, 2016, and President and Chief Executive Officer of the Company since January 2006.

Previously, Moonves served as Co-President and Co-Chief Operating Officer of former Viacom Inc. from June 2004 through December 2005.

Prior to that, he served as Chairman and Chief Executive Officer of CBS Broadcasting since 2003 and as its President and Chief Executive Officer since 1998.

Moonves joined former CBS Corporation in 1995 as President, CBS Entertainment.

Prior to that, Moonves was President of Warner Bros. Television since July 1993.

Moonves was also a director of Entercom Communications Corp. (“Entercom”) until May 15, 2018, in connection with the Company’s split-off of CBS Radio Inc. and its subsequent merger with Entercom.

During the past five years, he was also a director of CBS Outdoor Americas Inc. (currently known as Outfront Media Inc.) (2013-2014).

Push-out Score determined

Read the full story in the exechange report 38.2018 ($).