The move was announced by David Nevins, the premium network’s chairman and CEO, who was given a promotion yesterday to Chief Creative Officer of CBS Corp. The new roles of Spade and Nevins are among many changes made to the CBS organizational chart in recent weeks.
Townsend joined CBS in 2008. In his new role, he will be responsible for all financial matters relating to Showtime Networks’ businesses. That includes oversight of finance, strategy and information systems for the network’s divisions, encompassing budgeting, planning, forecasting and accounting of all the business segments at Showtime. Townsend will also serve as one of the network’s primary liaisons with the CBS corporate suite.
“As the media landscape continues to evolve, we are very fortunate to have a strategic and results-driven executive like Adam join our senior management team,” Nevins said. “With his extensive financial experience and deep knowledge and understanding of our industry – not to mention his impressive leadership and collaborative nature that I have come to know over the years – I am confident he will excel as our CFO and be an incredible asset to the future of our company.”
Townsend’s first position at CBS was EVP Investor Relations. He has overseen the company’s daily outreach to the investment community and analyzing the company’s competitive positioning. Townsend also created and led the company’s investor communication strategy for the IPO of its outdoor business and the recent split-off of CBS Radio through a transaction with Entercom.
In January 2016, he was promoted to EVP Corporate Finance and Investor Relations, which expanded his responsibilities to include oversight of the company’s treasury functions. He also served as a member of the investment committee for CBS Defined Contribution Plans.
Before CBS, Townsend worked at E*Trade, Hambrecht & Quist and JP Morgan.
Corporate intrigue aficionados may recall Townsend as a footnote to the Les Moonves saga, though only due to his customary role as the opening speaker on CBS earnings calls. Townsend delivered a statement at the beginning of the widely followed August CBS earnings call presided over by Moonves just days after the revelation of sexual misconduct allegations that would soon end his CBS tenure.
As speculation swirled, the company stuck to the numbers. “In light of pending litigation and other matters, and on the advice of counsel, the scope of today’s call will be limited to the quarterly results of the company,” Townsend said on the call.