Joseph Ianniello, chief financial officer of CBS Corp. since 2009, has been named COO.
Ianniello signed a five-year deal with the company. He will report to CEO Les Moonves and oversee all financial operations and work with senior management on monetizing digital streaming, retransmission consent fees and reverse compensation, the company said.
The promotion comes as another long-time senior CBS executive, Marty Franks, executive VP for planning, policy and government affairs, is set to retire Sept. 30.
"Joe's role in CBS' 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."
Ianniello was with Viacom before CBS and Viacom were separated in 2005, serving as senior VP and treasurer and vice president of corporate development.