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Updated: CBS Exec Fred Reynolds to Retire

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Longtime CBS executive Fred Reynolds announced Monday (June 22) he will retire from the company effective Aug. 15, 2009. He will be succeeded by Joseph Ianniello, who has served as deputy chief financial officer since Nov. 2008.

Reynolds will step down from his current position as chief financial officer July 20, but continue as executive vp until his last day with the company.

"Joe has been my financial partner on virtually every crucial transaction of this company over the past several years," said Reynolds. "A large part of my decision to retire now is based on the knowledge that I can pass the financial reins to Joe."

Reynolds has held a number of executive positions with CBS since he joined the company in 1995 when Westinghouse purchased CBS. Prior to his most recent position, Reynolds served as executive vp and CFO of the businesses that comprise CBS Corp. after the separation and president of the CBS Television Stations Group since 2001.

"It is impossible to overstate the contribution that Fred has made to the CBS Corp. through his many years with our Company," said Les Moonves, president and CEO for CBS. "He has guided our financial division through virtually every major transformative event of the last 15 years, from the acquisition by Westinghouse of CBS in 1995 to our Infinity acquisition the following year to the Viacom-CBS merger of 2000; and the subsequent launch of CBS Corp. as a stand-alone company in 2006."