NEW YORK, June 22 /PRNewswire-FirstCall/ -- Fred Reynolds, Executive Vice President and Chief Financial Officer of CBS Corporation (NYSE: CBS.A and CBS), announced today that, after a distinguished 38-year career in finance and business strategy, he will retire from the Company effective August 15, 2009.

'It is impossible to overstate the contribution that Fred has made to the CBS Corporation through his many years with our Company,' said Leslie Moonves, President and CEO, CBS Corporation. 'He has guided our Finance division through virtually every major transformative event of the last 15 years, from the acquisition by Westinghouse of CBS in 1995, to our Infinity acquisition the following year, to the Viacom-CBS merger of 2000 and the subsequent launch of CBS Corporation as a stand-alone company in 2006. He has also been instrumental in the many activities that have since cemented our standing as one of the preeminent global media companies.'

Reynolds will step down from his position as Chief Financial Officer effective July 20. Upon stepping down from that post on that date, he will continue to hold his office of Executive Vice President, working with Moonves and senior management on the coordination of the transition of his various duties, as well as on various other operational projects before his retirement on August 15.

Reynold's successor will be named shortly.

Moonves continued: 'Throughout all this change and growth, one thing has remained constant: Fred's steady hand and keen business instincts. I am among many who have benefited from his financial acumen over the years, and I will personally miss his counsel and his daily company very much. I know everyone at CBS joins me in thanking Fred for all he has done, and in wishing him nothing but the best in the years to come.'

Reynolds said: 'It has been tremendously gratifying to be a part of the evolution of CBS into a leader in the global media marketplace. Being a part of this unbelievable transformation has been the most wonderful and exciting decade and a half of my career. It has been my privilege and a true honor to work with Leslie and our firm's senior management team, as well as with all of the dedicated and accomplished people who have worked so hard to make CBS the great company it is today. Personally, I feel very fortunate and excited about the opportunity to retire, knowing CBS is in such good hands, led by Leslie and his world-class leadership team.'

Reynolds has been Executive Vice President and Chief Financial Officer of CBS Corporation since its separation from Viacom in 2006.