Acting CEO Joe Ianniello’s first memo to CBS staff

From: Ianniello, Joseph 
Sent: Monday, September 10, 2018 8:32 AM
Subject: Looking forward

Today the Board of Directors named me as President and Acting Chief Executive Officer of CBS Corporation. I am honored to have this responsibility, and I’m excited to take on a greater role. I have been with this Company for 21 years, and I look forward to providing continuity and stability, while at the same time fostering our culture of innovation.

Today also marks a major transition for all of us as Leslie Moonves departs from CBS. Les’ departure occurs at a time when we are operating from a position of great strategic strength. As you all know, there is amazing work going on across the Company, and I feel confident we have the best people in the business to continue building on our outstanding success.

Led by CBS and SHOWTIME (and their fast-growing direct-to-consumer streaming services), as well as our major market television station group and Simon & Schuster, we also have many of the best assets in the industry.

The strength and evolution of all of these businesses has led us to where we are today — a global premium content powerhouse. Time and again, we have developed and executed strategies that capitalize on our unique and advantageous position, and what’s most exciting is that we are still in the early innings of that process.

At the heart of CBS’ ongoing success is its content, and it’s where our focus must remain. We now spend $7 billion a year on programming, which is on par with some of the largest companies in our industry. Looking ahead, as consumption continues to evolve, so will we. But content will always be at the core of our Company.

Of course, also at the core of any company is its culture. And never has it been more important for us to make it abundantly clear that CBS has a steadfast commitment to diversity, inclusion and a safe and positive working environment. This is an integral part of our growth plan as together we unlock the immense talents across our entire employee base.

Along those lines, I want to take a minute to appreciate all the fantastic work you have done these past several months, as we have continued to move our Company forward no matter the challenges. It is the people of this Corporation that make CBS what it is, and I am humbled to be leading this team. I also want to thank our remarkable Board of Directors for their immense efforts during this time, and welcome our new Board members as well. There is so much more to achieve ahead, and I thank everyone in advance for all you will do as we build on the great success of CBS.