Just one month after resigning for a lucrative job running a private-equity firm, Fred Reynolds changed his mind and will stay to be chief financial officer of the new CBS Inc., which is soon to be spun off from Viacom Inc.
In July, Reynolds gave notice that he would leave his post as president and chief operating officer of the Viacom Stations Group to become COO of Evercore Partners, a strategic and financial-advisory services company that manages about $1.25 billion of private equity and venture capital.
Reynolds had been widely expected to become CFO of CBS if the division is spun off from Viacom early next year, as scheduled. It's not clear why Reynolds quit in the first place, but in subsequent weeks, CBS chairman Les Moonves worked at convincing Reynolds not to go.
Prior to Westinghouse, Reynolds was with Pepsico for 12 years in various capacities, including chief financial officer. He also held posts at Pizza Hut, Pepsi Cola International, Kentucky Fried Chicken Worldwide and Frito-Lay, both domestic and international.