CBS Shake-Up Continues as Richard Parsons Steps Down
The CBS Corp. Board of Directors announced Sunday evening that media entrepreneur Strauss Zelnick has replaced the newly appointed Richard Parsons as Chairman. Regular Beat DC readers will recall that CBS Corp. had added Parsons as one of six new Board members to help oversee its transition to new leadership after the departure of CBS’ longtime leader, Leslie Moonves, who resigned as CEO amid allegations of sexual harassment. Then, Parsons was named Interim Chairman of the Board later that same month. Parsons cited health reasons for his decision to step down in a statement. “As some of you know, when I agreed to join the board and serve as the interim chair, I was already dealing with a serious health challenge – multiple myeloma – but I felt that the situation was manageable,” he stated. “Unfortunately, unanticipated complications have created additional new challenges, and my doctors have advised that cutting back on my current commitments is essential to my overall recovery.” Parsons is widely known as a stabilizing force -- he led Time Warner after its disastrous merger with AOL, helped Citigroup after the 2008 recession, and was called in to help rehab the LA Clippers. Parsons did not announce if he was stepping down from his other duties. He is Co-Founder and Partner of Imagination Capital, a venture capital firm launched in November. He also has been a Senior Advisor for private equity firm Providence Equity Partners since 2009. The Brooklyn native played an important role in identifying the most recently added slate of CBS Directors. More here.