Word: tisch
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...long will the board have to keep watching? That is anyone's guess. Though Tisch says, "I hope I'm connected with CBS for the rest of my life," he insists he will stay in the chief executive post only during a "brief transition period." Unless, of course, he discovers that he enjoys being a public figure in the limelight more than he ever thought he would...
...network's Evening News on Wednesday. The flustered Rather announced that CBS Chairman Thomas Wyman, 56, was "out." More startling was Rather's disclosure that Wyman's duties would be temporarily shared by William Paley, the network's legendary founder, who retired three years ago, and Laurence Tisch, the billionaire chairman of Loews Corp., who joined the CBS board only last October...
...sure to quiet some of the turmoil that has roiled CBS, but it raises new uncertainties about the future of one of the nation's most prestigious and influential companies. While a five-member management team searches for a permanent successor to Wyman, Paley will be acting chairman and Tisch will serve as chief executive. For the 84-year-old Paley, it is a triumphant return to a throne that he had never really wanted to relinquish. But clearly the man who has captured control of CBS is Tisch, 63. The shrewd investor and conglomerateur is now far and away...
...Tisch had been dissatisfied with Wyman's performance for months, but the new chief executive did not win the support of a majority of the CBS board until last week. In fact, when the marathon board meeting began at 9 a.m., most of the directors apparently had no intention of firing their chairman. The turning point came when Wyman, the sole CBS executive with a board seat, announced he had secretly begun negotiations that could lead to the sale of the $5 billion company to Coca-Cola. The stunned directors, all of whom were determined to keep CBS independent, asked...
...already festive mood brightened considerably as an old Wallace friend telephoned over the news. There is little love lost for Wyman in CBS journalism circles, where the ex-chairman's decisions have been a target for strident criticism. Partygoers vied to congratulate a late arrival at the celebration: Laurence Tisch. Exulted one guest: "CBS has returned to its origins." Said 60 Minutes Correspondent Morley Safer: "It's back to the future. That's good news...