Fredric G. Reynolds Named Executive Vice President and Chief Financial Officer of New CBS Corporation, after Viacom Split

Fredric G. Reynolds Named Executive Vice President and Chief Financial Officer of New CBS Corporation, after Viacom Split

Veteran CBS Executive Returns to Expanded Corporate Post

NEW YORK, Aug. 15 /PRNewswire/ -- Fredric G. Reynolds will fulfill the role of Executive Vice President and Chief Financial Officer of the new CBS Corporation upon the split of Viacom into two independent companies, it was announced today by Leslie Moonves, Co-President and Co-Chief Operating Officer, Viacom, Inc. and Chairman of CBS, who will be the Chief Executive Officer of that new entity.

In his new role as Chief Financial Officer of the CBS Corporation, Reynolds will assume responsibility for all financial operations of the Company.

In the interim time period before the split of Viacom, he will work with Moonves and his team on the process that will culminate in the creation of the new company, and will continue to oversee its Viacom Television Stations Group, where he held the position of President since March 2001. A new head of the Television Stations Group to succeed Reynolds will be named at a later date.

Late last month, Reynolds announced his intention to leave the Company for a position at Evercore Partners, but rethought his decision, and re-committed to Viacom/CBS.

"We're pleased to have Fred's significant talent and energy here at CBS where he belongs, working closely with me in all aspects of our operations," said Moonves. "At this pivotal time in our history, there is no better thinker and financial executive to have by my side. Fred's skill set goes well beyond those of more traditional CFOs, and I expect to rely on him broadly to help me strategize, operate and drive results at the various business units which will make up the new CBS Corporation. He was absolutely instrumental in the formation of the new enterprise, and there's no question that we're a whole lot stronger with him than without him."

"Leaving the Viacom/CBS family and all the wonderful relationships formed over the last 12 years was far more difficult than I ever imagined," said Reynolds. "Thanks to Leslie's patience and persistence, I am extremely pleased to return to the Company I love. The opportunities and challenges are incredibly exciting as I join my partners and friends to embark on creating the new CBS Corporation -- which I believe will be an unparalleled broadcasting and media powerhouse."

Prior to becoming President of the Viacom Television Stations Group, Reynolds had previously been executive vice president and chief financial officer, Viacom Inc., responsible for all Viacom's financial functions, including treasury, accounting, internal audit, insurance and risk management, tax, mergers and acquisitions, information systems and financial planning and business analysis.

He had served as executive vice president and chief financial officer, CBS Corporation, since December 1997. He was elected executive vice president and chief financial officer, Westinghouse Electric Corporation, in February 1994 and assumed the additional post of chief financial officer, CBS Inc., in April 1996.

Reynolds joined Westinghouse from PepsiCo Inc., where he spent 13 years (1981-94) in various financial positions, including senior vice president and chief financial officer for PepsiCo Foods International, PepsiCo's Frito-Lay unit. He was also chief financial officer at several other PepsiCo units, including Kentucky Fried Chicken, PepsiCola International and Pizza Hut.

Reynolds, a certified public accountant, is a 1972 graduate of the University of Miami, with a B.B.A. in finance. He is a native of Miami, and he and his wife live in California. They have four children.

Source: CBS

CONTACT: Gil Schwartz, +1-212-975-2121, gdschwartz@cbs.com, or Dana
McClintock, +1-212-975-1077, dlmcclintock@cbs.com, both of CBS

Company News On-Call: http://www.prnewswire.com/comp/965075.html

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