Richard Parsons Tapped to Clean Up CBS Mess

By CultureBanx Team

  • Dick Parsons appointed Interim Chairman of CBS

  • CBS shares down more than 4% over the past year

The legendary TV executive Richard (Dick) Parsons has been thrust right into the middle of the #MeToo movement in a fixer capacity, as the interim Chairman of CBS (CBS -1.06%). He’ll need to draw on his extensive experience leading some of the best media companies in the world to help heal the legacy broadcaster from its self inflicted wounds.

Why This Matters: Parson has a wealth of knowledge to impart on CBS, which should calm investors concerns over the lagging stock price, down more than 4% in the past year. He was the CEO of Time Warner from 2002 to 2007, and chairman of their board. After that role he served as chairman of Citigroup for three years.

Across the media industry Parsons is seen as an established top executive

The announcement came after the resignation of former long time CEO Leslie Moonves last month amid a new wave of allegations of sexual assault and harassment brought by 12 women. Parson is inheriting the job on a temporary basis, one of three titles previously held by Moonves.

Across the media industry Parsons is seen as an established top executive. He successfully guided Time Warner through a rough period in regards to AOL in the 2000s, as technology began to claim a bigger stake in the media sector.

It’s been reported Parsons is very close with Shari Redstone, whose National Amusements is a controlling shareholder in CBS as well as Viacom (VIAB +1.80%). Perhaps fueling speculation he may be asked to stay on in a more permanent capacity.

Situational Awareness: This isn’t Parsons first rodeo as an interim executive of an organization. Previously he also served as the interim CEO of the Los Angeles Clippers.

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