Richard Parsons Named Interim Board Chair of CBS
The CBS Corporation on Tuesday named Richard Parsons as Interim Chairman of the Board of Directors. The longtime business and media executive -- he’s the former Chairman of both Time Warner and Citigroup -- replaces Leslie Moonves, who was ousted this month after accusations of sexual misconduct. Parsons’ appointment is the latest shake-up in the turbulence that has rocked the company the few months for the company. The announcement fuels speculation that the 70-year-old Albany Law School graduate could hold the post on a more permanent basis. We told you earlier this month that the Brooklyn native had been installed as one of six new Board members who will help oversee the media company as it transitions to new leadership. Parsons is an ally of Shari Redstone -- the Board’s Vice Chairwoman whose National Amusements is a controlling shareholder in CBS, as well as Viacom. She had been involved in a protracted legal fight with Moonves, but all parties have now agreed to dismiss the lawsuit. CBS also said that Directors Bruce Gordon, the former President of the NAACP, and William Cohen, the former Secretary of Defense, will leave the company’s Board. Redstone had been seeking a potential reunion between CBS and Viacom, which Moonves and some directors, including Cohen and Gordon, had opposed. Parsons 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 and was interim CEO of the Los Angeles Clippers basketball team for a few months in 2014. More here.