Is CBS Corp.'s lead dealmaker being primed to take over the CFO role from Fredric G. Reynolds? Maybe so. Joseph Ianniello (pictured), whose relationship with Reynolds goes back at least a decade, has been promoted to deputy CFO. He previously had been chief development officer and treasurer and will continue to oversee M&A. In the past two years, CBS has divested a number of properties and acquired a handful of companies, including
Cnet Networks Inc. for $1.8 billion in June.
Ianniello held a variety of finance positions with Viacom Inc. prior to the spinoff of CBS in early 2006, including a year as treasurer and five years as vice president of corporate development. During that time he worked with Reynolds, who was president of Viacom's television station group and earlier CFO, on some of Viacom's major transactions, including
the divestiture of Blockbuster and the acquisitions of BET, Comedy
Central and SportsLine.
The release
announcing Ianniello's appointment gave no indication that Reynolds was planning to exit CBS, but the veteran executive has in the past
flirted with the idea. Just ahead of the Viacom split, Reynolds announced he was leaving the company for Evercore Partners Inc. He was ultimately convinced to stay by Leslie Moonves, now chief executive of CBS.
Ianniello's promotion comes amid speculation that CBS and Viacom chairman Sumner Redstone may be forced to reduce his holdings in the companies to satisfy debt covenants related to National Amusements Inc., an
unlikely scenario, according to The Deal's Richard Morgan.
- Suzanne Stevens
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