Joseph Ianniello

Joseph Ianniello
Born Joseph R. Ianniello
1968
Brooklyn, New York
Other names Joe
Alma mater Pace University (BS)
Columbia University (MBA)
Occupation President and Acting CEO of CBS Corporation

Joseph R. Ianniello is American media executive. He was named interim CEO of CBS Corporation upon the resignation of Les Moonves following allegations of sexual misconduct.[1]

Career

CBS

Ianniello started his career at CBS in 1997 as Director of Financial Planning.

His next move within CBS was as its Vice President of Corporate Development from 2000-2005. At that position, Mr. Ianniello was in charge of all financial planning matters at CBS including investor relations. He became Senior Vice President of Finance and Treasurer of Viacom Inc. in July, 2005. During that time, he was involved in many of the mergers and acquisitions including the acquisitions of BET, Comedy Central and Sportsline. He was also involved in the divestiture of Blockbuster.[2]

In December 2015, he served as Senior Vice President of Finance and Treasurer of CBS Corporation.

During the time since, he was Director of Entercom Communications Corporation and Executive VP / Treasurer of CBS Radio Inc. [3] [4] In 2009, Ianniello served as CBS’s Chief Financial Officer and Executive Vice President of CBS Corporation for four years, where he was responsible for the company’s financial strategy across all of its operations. He was named COO of CBS Corporation in 2013.

In 2017, Ianniello signed a contract extension to June 30, 2022, a year longer than Chairman and CEO Les Moonves.[5] This is significant because, according to the New York Post, Ianniello was being poised to succeed Moonves as CEO at some point in the future.[6][7] That contract extension includes a $70 million payout if his employment were to end by way of a merger.[8][9][10][11][12]

On September 9, 2018, CBS Corporation announced Leslie Moonves would be stepping down as CEO and announced Joe Ianniello as President and acting CEO.[13]

CBS-Viacom bid involvement

When CBS made a bid to acquire Viacom, Leslie Moonvies wanted to have his own management team to take over at the combined company. Shari Redstone wanted the current CEO of Viacom, Bob Bakish, to lead. The bid was below market value, but David Faber of CNBC reported the Ianniello-Bakish was the root of the bid and subsequent legal battle, not necessarily the price.[14]

The initial complaint against CBS called out Mr. Ianniello specifically. In it, the plaintiffs claim "Mr. Ianniello's contract was not approved, or even discussed, by the full Board prior to the agreement being signed."[15] In August 2018, Ms. Redstone amended the initial complaint blaming Ianniello for the attempt to dilute her voting power and claiming breach of fiduciary duty[16].

Boards of Directors

Ianniello serves on the Board of Trustees at Pace University,[17] the Board of Directors of the charitable organization Food Allergy Research & Education (FARE)[18] as well as New Alternatives for Children[19]. Previously, Ianniello has served as a director of CBS Outdoor Americas, Inc.

At the time various CBS Board Members put together and submitted a bid to acquire Viacom, CBS had wanted Ianniello – CBS's then chief operating officer – to hold the same position at the new firm.[20]

References

  1. ↑ "CBS chief Leslie Moonves resigns after damning new sexual misconduct claims". Retrieved September 9, 2018.
  2. ↑ "Joseph R. Ianniello: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Retrieved 2018-06-27.
  3. ↑ Bloomberg
  4. ↑ Entercom 2018 Proxy Statement
  5. ↑ Littleton, Cynthia (2017-07-24). "CBS Corp. Extends COO Joe Ianniello's Contract Through 2022". Variety. Retrieved 2018-06-25.
  6. ↑ "Joe Ianniello caught in crossfire of CBS feud". New York Post. 2018-06-02. Retrieved 2018-06-25.
  7. ↑ ANDERSON, MAE (2018-07-30). "CBS keeps Moonves in place during sexual misconduct inquiry". The Sacramento Bee. ISSN 0890-5738. Retrieved 2018-07-30.
  8. ↑ "SEC Form 8-K filing (CBS Corporation)". www.sec.gov. July 20, 2017. Retrieved June 26, 2018.
  9. ↑ "CBS/Viacom Merger Caught Up in Management Roles – Media Play News". www.mediaplaynews.com. Retrieved 2018-06-27.
  10. ↑ Hollywood Reporter
  11. ↑ CBS Extends CFO
  12. ↑ Salary.com
  13. ↑ "CBS chief quits after misconduct claims". BBC News. 2018-09-10. Retrieved 2018-09-10.
  14. ↑ Melloy, David Faber, John (2018-04-03). "CBS submits below market value bid for Viacom: Sources". CNBC. Retrieved 2018-06-27.
  15. ↑ "Verified complaint, National Amusements, Inc, NAI Entertainment Holdings LLC and Shari Redstone vs. Leslie Mooves, CBS Corporation, et al". 2018-05-29.
  16. ↑ "Shari Redstone Takes Aim at CBS COO Joe Ianniello in Lawsuit". The Hollywood Reporter. Retrieved 2018-08-10.
  17. ↑ "Office of the President | Board of Trustees | PACE UNIVERSITY". www.pace.edu. Retrieved 2018-06-27.
  18. ↑ Food Allergy Welcomes
  19. ↑ New Alternatives for Children Board
  20. ↑ "CBS Escalates Its Fight With Redstones". The New York Times. 2018-05-15. ISSN 0362-4331. Retrieved 2018-05-22.
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