CBS Corp. interim chairman Richard Parsons is resigning because of health issues. New board member Strauss Zelnick will succeed him.
“Unfortunately, unanticipated complications have created additional new challenges, and my doctors have advised that cutting back on my current commitments is essential to my overall recovery,” Mr. Parsons said, adding, “I trust CBS’ distinguished board, now led by Strauss Zelnick, as well as CBS’ strong management team led by Joe Ianniello, will continue to successfully guide this Company into its very bright future.”
A former chief executive of Time Warner Inc., Mr. Parsons was brought in to lend a steady hand to CBS in the wake of Mr. Moonves’ departure. He had also developed a close relationship with Shari Redstone, a vice chair of CBS and president of National Amusements Inc., the controlling shareholder of the broadcaster.
Zelnick, who joined the CBS board at the same time as Mr. Parsons in early September, has an array of media experience having held senior posts at BMG Entertainment and 20th Century Fox. He is currently chairman and chief executive of videogame publisher Take-Two Interactive Software Inc.
One of the first priorities for Zelnick and the board is to determine who will be its next chief executive. Mr. Ianniello, chief operating officer, was named acting chief executive in September and is a candidate for the position, but the company is also expected to consider outside candidates as well.