It’s official. Deal maker Quincy Smith is leaving as CEO of CBS Interactive after three years to start a boutique consulting/M&A shop with CBS as the first client. The news, broken first by Kara Swisher, was announced by CBS this afternoon. (Release after the jump.) Neil Ashe will remain as president, heading CBSi after Smith leaves in January. Smith’s three-year anniversary with CBS is just around the corner; he was an investment banker at Allen & Co. when he replaced Larry Kramer (a former member of our board) in early November 2006.
Update: Rafat adds: Also very likely leaving with him is Mike Marquez, who Quincy brought in to look after M&A, but was moved to head biz dev late last year when the reorg happened. He will be joining Quincy’s shop, our sources say. Another more speculative name that has come up of late: Zander Lurie, who is currently the CFO of CBS Interactive (NYSE: CBS). With Neil firmly in place as the person heading CBSi, Zander may be looking for greener pastures from here on. See Leslie Moonves, Quincy Smith And CBS: Three Years, A Couple Of Billion Later for more.
QUINCY SMITH SIGNS MULTI-YEAR ADVISORY AGREEMENT WITH CBS CORPORATION
CEO of CBS Interactive to Depart in January 2010 But will Continue Working with Company on Video Content Monetization, Among Other Projects
CBS Corporation announced today that Quincy Smith, Chief Executive Officer of its CBS Interactive division, will transition to a new role with the company beginning January 2010 as he starts an independent advisory business. In this new role Smith will advise CBS on strategies and opportunities for growth across the Company