CBS Corp.'s dramatic shake-up on Sunday will add several women to its board, improving gender equity at a company whose longtime leader was toppled by sexual-harassment accusations.
The new board also features bankers who specialize in mergers and acquisitions, raising questions about whether the media company will prepare itself for a deal. The panel has some high-profile chief executive officers as well, including the heads of Hasbro and Take-Two Interactive Software and the former CEO of Time Warner.
The new lineup stemmed from a settlement between CBS and its majority shareholder, National Amusements, controlled by the billionaire Redstone family. As part of the agreement, the Redstones won't pursue a merger between CBS and another of their companies, Viacom, for at least two years. That idea had been promoted by National Amusements, but it wasn't popular with CBS investors or management.