PR chief leaving with $5M exit payment

Joe Ianniello, who was named acting CEO at CBS, is not being paid more than he received as the company’s COO, according to documents filed with the Securities and Exchange Commission.

Ianniello’s employment agreement with CBS has been modified, giving him assurances that he will be given “good faith consideration” to get the job on a permanent basis.

The agreement says that CBS will have no higher ranking executive than him as long as he is acting CEO and that he will be able to name a chief financial officer.

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If the company fails to appoint a permanent CEO by June 30, 2019, or appoints someone else to the post, Iannello will be entitled to severance payments and benefits.

As COO, Ianniello received $22.1 million in total compensation in 2017. Former CEO Les Moonves got $69.3 million.

Speculation remains that the Redstone family, which owns a controlling stake in the voting stock of CBS, will combine CBS with Viacom, the other media company controlled by the Redstones. 

CBS also announced that CBS’s top public relations executive, Gil Schwartz, is leaving the company, effective Nov. 1.

A separation agreement submitted to the SEC will pay Schwartz nearly $5 million.

The agreement calls for Schwartz to receive 1.5 times his annual salary of $1 million or $1.5 million, plus a pro-rated bonus payment of $1.5 million.

In addition, he will receive bonus severance of $1.5 times his targeted bonus, or $1.875 million.

CBS will also pay for health and life insurance coverage.