CBS is losing its top bean counter.
Fred Reynolds, the longtime chief financial officer of CBS Corp., is stepping down next month and retiring in August. He will be succeeded by Joe Ianniello, who has been deputy chief financial officer.
Reynolds, 58, has been CBS Chief Executive Leslie Moonves' Wall Street wingman for nearly a decade. He almost left the company in 2005, but Moonves, who commands extreme loyalty from his underlings, lured him back.
The departure of Reynolds comes at a tough time for CBS. Although the network is doing well in the ratings, the company, like many media conglomerates, has been battered by the economy and a soft advertising market. Standard & Poor's downgraded CBS' credit this year, and Wall Street has been monitoring the company's balance sheet. Last month, CBS refinanced $1 billion of its debt at higher interest rates to give the company a financial cushion and more breathing room.