Joseph Ianniello is trading in an F for an O as he moves up from CFO to COO for CBS Corporation. According to President/CEO Leslie Mooves, Ianniello will remain in charge of financial matters, and will be a familiar sight on both coasts.
Ianniello’s mission will be to “maximize the monetization of the Company content.” That will involve oversight of digital streaming pacts, retransmission fees and reverse compensation. He will have offices in New York and Los Angeles.
“Joe’s role in CBS’s success these past several years has been extraordinary,” said Moonves. “He’s been a game-changing CFO, but he’s also so much more than that. He is a tough negotiator, a great manager, and someone who brings energy, passion and a great sense of teamwork to anything he does. He is also someone who has developed incredible trust and admiration on Wall Street, with our shareholders, our board of directors and my superb senior management team, of which he is an integral part. I am proud to promote Joe to this new position, which not only recognizes the many contributions he has already made, but sets him up for all the great work yet to be done.”
Wells Fargo analyst Marci Ryvicker weighed in on the announcement, stating, “We view this announcement as a big positive. From our conversations with investors, CBS has had some of the best communication practices with Wall Street, much of which has been led by Mr. Ianniello. We have viewed him as key to both the financial and operational aspects of CBS, and today’s announcement just validates his significance.”