Joe Ianniello Will Not Receive Pay Bump From CBS as Acting CEO

He can leave and get full severance if permanent CEO not named by June 30, SEC filing says

Last Updated: September 27, 2018 @ 4:13 PM

Joe Ianniello will not receive any additional compensation while taking on the role of acting CEO for CBS, the company disclosed in an 8-K filing with the Securities and Exchange Commission on Thursday.

Ianniello was named president and acting CEO of CBS following the resignation of former CEO Leslie Moonves in the wake of multiple sexual misconduct allegations. The filing also states that Ianniello is able to leave the company for good reason, with a full severance package, if a permanent CEO is not named by June 30, or one is named and it’s not him.

In the filing, CBS also stated that it has begun its search for a permanent CEO and that Ianniello “will be afforded good faith consideration” to get the job. Ianniello’s close ties with Moonves, for years he was seen as the former CEO’s hand-picked successor, is now considered by some to be a hindrance to getting that interim tag removed.

“Yeah, he’s a likable and well-regarded guy — and he’s done a pretty good job, I think, as COO — but I would be very surprised if he were to transition into the role permanently,” CFRA analyst Tuna Amobi told TheWrap. “It’s not so much that he wouldn’t do a good job, but — the two biggest knocks against him: He’s never run a public company and he’s been in lockstep with Les.”

But for now, the filing confirms that Ianniello is the highest-ranking executive for the company, and he has the right to name a successor chief financial officer, subject to board approval.