CBS Corporation has named a new Chief Operating Officer.
Joseph Ianniello will continue to oversee all financial operations and will work closely with CBS President and Chief Executive Officer Leslie Moonves. The promotion comes with a five-year deal for continuing with the company.
In 2009 Ianniello was upped to chief financial officer of CBS. He has been with the network since before it separated from Viacom in 2005.
“Joe’s role in CBS’s success these past several years has been extraordinary,” Moonves said in a statement. “He’s been a game-changing CFO, but he’s also so much more than that. He is a tough negotiator, a great manager, and someone who brings energy, passion and a great sense of teamwork to anything he does. He is also someone who has developed incredible trust and admiration on Wall Street, with our shareholders, our board of directors and my superb senior management team, of which he is an integral part.”
Ianniello has been a big part in expanding CBS’s revenue through higher licensing fees for programming from pay-TV operators. Retransmission revenue (what those payments are called) increased 62 percent from last year’s first quarter. Advertising in the last quarter rose 8 percent.