Dick Parsons Named Interim Chairman of the Board at CBS #MustSee

Richard “Dick” Parsons, former Time Warner chairman and CEO, has been named CBS Corporation’s Interim Chairman of the Board of Directors, according to a press release from the network.

The announcement comes just weeks after Leslie Moonves stepped down as chairman and CEO of CBS amid a cascade of sexual assault allegations published in a series of articles in The New Yorker.

According to The Wall Street Journal, Parsons was personally selected for the position by Shari Redstone, CBS vice chair and president of controlling shareholder National Amusements Inc.

Redstone is part of a family that “controls CBS through special voting shares,” according to Recode. The Redstone family sought to merge another company of which they have major investment—Viacom—with CBS.

The move to merge culminated in a vicious battle between Redstone and Moonves with CBS at one point, under Mooves’ leadership, suing Redstone.

There is speculation in business circles that Redstone is again considering merging Viacom and CBS and that Parsons’ appointment may indicate he supports the merger, however, that has yet to be confirmed.

Also announced, another black CBS board member, Bruce Gordon, stepped down from the board.

Gordon, who joined CBS’ board of directors in 2006, played an instrumental role in negotiating the larger settlement that included Moonves’s removal, according to The New York Times. “This agreement maintains an independent board that is charged with determining the best course for the future of CBS on behalf of all shareholders,” he said in a statement.

Incidentally, Gordon led a special committee that reviewed Redstone’s attempt to merge Viacom with CBS and take control of the network in May, 2018.

At the time, Gordon and the committee “evaluated the Viacom merger proposal, outlined the group’s considerations and ‘stressed the Special Committee’s significant concerns with respect to defendants’ ongoing interference with management,” according to a report from Bloomberg.

Black Enterprise reached out to Gordon for a comment, but has yet to receive a response.

Parsons is a well-rounded leader noted for his sound judgment and vast experience in politics, finance, entertainment, and philanthropy. His illustrious career earned him the February 2002 cover of BLACK ENTERPRISE magazine. He also has a proven track record of driving results at large organizations during times of crisis and change.

“Among the numerous roles of this unflappable leader: Taking the helm of AOL Time Warner as the media giant was reeling from a troubled merger during the height of the dotcom boom; serving as chairman of Citigroup as the financial giant was recovering from the sector’s financial meltdown; lending his expertise to U.S. presidents over the years in tackling dire issues ranging from Social Security reform to job creation during the Great Recession: helping to resurrect the famed Apollo Theater at a time in which it was financially crippled; and assuming the role of  interim CEO  to stabilize the L.A. Clippers NBA franchise during the Donald Sterling scandal,” writes BLACK ENTERPRISE Editor-in-Chief Derek T. Dingle.

Watch a Black Enterprise interview with Dick Parsons from 2009 – where he provides invaluable business and career tips that still apply:

 

-Selena Hill contributed to this report. 

 

 

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