06.22.2009 02:45 PM
CBS CFO Steps Down
NEW YORK: Fred Reynolds is leaving as chief financial officer to CBS after 15 years with the company. Reynolds will relinquish his CFO duties July 20, though he’ll continue as an executive vice president, working with CEO Leslie Moonves on the transition of his responsibilities until his official retirement Aug. 15. He’ll be succeeded by Joseph Ianiello, who’s been deputy CFO since November. He was previously senior vice president, chief development officer and treasurer.
Wachovia’s Marci Ryvicker said her circle understood Reynolds to be “retiring for good” and not moving to another company.
“Mr. Reynolds has an excellent reputation and is known for his conservatism, his focus on the balance sheet and his desire for CBS to maintain an investment-grade rating,” she wrote. “We believe Mr. Reynolds’ departure is a slight negative for the stock, although we stress that there is no underlying reason for his departure other than the fact that he is ready to enter retirement.”
CBS shares registered a slight downward tick; A shares lost around 7 percent from the opening bell, trading at around $7 mid-day EST. A general decline across TVB media stocks followed a similar trend of the major market indices, pulled down by news that the World Bank said the global economic contraction would be greater this year than previously anticipated—2.9 percent rather than the 1.7 percent previously forecasted. — Deborah D. McAdams