The post-Les Moonves era at CBS Corporation entered another new chapter on Wednesday (9/26), as Dick Parsons — the former head of Time Warner — has been named Interim Chairman of the company’s Board of Directors.
The Board unanimously approved the appointment, which was recommended by the Board’s Nominating and Governance Committee.
Parsons, 70, served as CEO of Time Warner until the end of 2007, when he relinquished the role. Parsons had been a leader at Time Warner since 1995, when he became President. He rose to chief executive in 2000 at the height of the first tech bubble, following Time Warner’s takeover of AOL.
Following his exit from Time Warner, Parsons joined Citigroup as Chairman.
Parsons is also known for his role as interim CEO of the Los Angeles Clippers NBA franchise, a role he took in May 2014 as the NBA forced Donald Sterling to sell the team following his utterance of racially insensitive remarks.
“Dick Parsons has a combination of deep industry knowledge and unmatched corporate and board experience,” said Candace Beinecke, Chair of CBS’ Nominating and Governance Committee. “We are fortunate to have Dick in this leadership role.”
Parsons added, “We have a distinguished and independent Board that is steadfast in its commitment to serve the best interests of all shareholders. I think I speak for all Board members when I say I look forward to learning more about CBS’ compelling opportunities and how we can help guide and support the Company’s growth.”
With Parsons’ appointment, Bruce Gordon and William Cohen, who have served on the Board of Directors since CBS became a stand-alone public company in 2006, “have decided to step down from their posts to focus on other personal and professional priorities,” CBS announced.
The Board unanimously adopted a resolution “to express its thanks and appreciation to Gordon and Cohen for their long and dedicated service to CBS, and to wish them well on their future endeavors.”
CBS shares closed at $56.50 on Wednesday.