New York CBS Corp. chairman and CEO Michael H.
Jordan said last week that he intends to retire at the end of the year, and that CBS
president Mel Karmazin will take over as chief executive.
Karmazin -- who joined CBS in early 1997, when the former
Westinghouse Electric Corp. bought Infinity Broadcasting -- has been running the company
day-to-day since April.
Wall Street had expected Karmazin to replace Jordan at some
point, and CBS' stock price rose sharply last Thursday after the announcement. That
same day, CBS also released its third-quarter earnings, including a 57 percent cash-flow
increase and a smaller net loss.
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