NEW YORK (AP) -- Joseph Ianniello, who has served as chief financial officer of CBS Corp. since 2009, was named chief operating officer Wednesday with continuing responsibility for overseeing the media company's financial operations.
Ianniello, 45, will also continue to take part in negotiations for the licensing of CBS content with pay TV providers and digital outlets as part of a five-year contract, the company said.
Chief Executive Les Moonves said in a statement that Ianniello was a "game-changing" CFO. Prior to being chief financial officer, Ianniello was deputy CFO. He was senior vice president and treasurer at Viacom Inc. before the companies split in 2005.
In addition to its flagship CBS television network, CBS owns TV and radio stations, Showtime Networks, a stake in the CW Network, billboard properties and the publishing company Simon & Schuster.
CBS shares fell $1.02, or 2.1 percent, to $48.09 in afternoon trading as broader market indicators dropped more than 1 percent.