Leslie Moonves Appointed CBS Corp. Chairman

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NEW YORK: Leslie Moonves has been elected as the next chair of the CBS Board of Directors, following the recent resignation of Sumner Redstone from his position of executive chairman.

Moonves was nominated by Shari E. Redstone, vice chair of the CBS Board, and his appointment was confirmed by a unanimous vote of the CBS directors. Moonves will continue to serve as president and CEO of CBS, posts that he has held since 2006.

Redstone’s resignation was effective February 2. He now assumes the role of chairman emeritus for CBS Corporation. Shari Redstone will continue to serve as vice chair of the CBS Board, a post she has held since 2005. Before electing Moonves, the CBS Board offered the position of non-executive chair to Ms. Redstone, but she declined in light of her other professional and personal responsibilities, and in recognition of her confidence in Moonves.

“I am honored to accept the chairmanship of this great company,” said Moonves. “I want to thank Sumner for his guidance and strong support over all these years. It has meant the world to me. I am particularly grateful that Shari Redstone has agreed to continue in her role as vice chair of the company. Her business acumen and knowledge of the media space remain very important to me as we move forward, and I greatly appreciate her support and invaluable counsel. I would also like to thank our excellent board of directors, who have contributed so significantly to our success. The people of CBS have achieved much together and I believe the best is yet to come.”

“I have been fortunate to work with Les and he has clearly established himself as a creative and effective leader who understands both the challenges and the opportunities that are shaping today’s media landscape,” said Ms. Redstone. “I am sure he will make a great chair and I look forward to working with him for many years to come.”