Former Time Warner CEO cited for ‘leadershp’

CBS has nominated former Time Warner CEO Richard Parsons to join its board of directors.

Shareholder will get a chance to vote on Parsons and the company’s other director at CBS’s annual meeting on May 18.

CBS has made a bid to acquire Viacom. CBS and Viacom are both controlled by the family of Sumner Redstone, but Viacom has balked at CBS’s initial offer, an all-stock bid that values Viacom below its current market value.

Parson, 70, is a co-founder and partner of Imagination Capital, a venture capital firm launched in 2017.

He was CEO of Time Warner from 2002 to 2007, remaining chairman of the media company until 2012.

After Time Warner, he served as interim CEO of the Los Angeles Clippers.

Before Time Warner, Parsons was chairman and CEO of Dime Bancorp.

In CBS’s proxy statement sent to shareholders, the company said Parsons would bring to the board “significant leadership expertise from his roles at global financial and media companies.”

Directors of CBS receive at least $100,000 a year in cash compensation and stock worth $200,000. Parsons does not own a significant amount of CBS stock.