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CBS' New CFO to Shun Acquisitions

CBS' newly appointed Chief Financial Officer Joseph Ianniello intends to avoid acquisitions and scrutinize all expenses, including contracts, leases and capital spending. Ianniello will replace retiring executive Fred Reynolds on July 20.

"The only thing you can control as a company, when revenue isn't there, is how you run your business." says Ianniello, 41. There are no mergers or acquisitions on the horizon for CBS because any deal would have to meet a "very, very, very high hurdle," he says.

Ianniello will be tasked with finding better ways to manage the company, and will continue to sell radio stations and rebuild content assets, says CBS CEO Leslie Moonves, 59. "He is the right fit for the job" because he's young, energetic, knows all of the divisions and is "very, very competitive," says Moonves. Ianniello has served as deputy finance chief for the past seven months.

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