Parsons, who had already been added to the CBS board alongside five other new members, was unanimously approved.

“Dick Parsons has a combination of deep industry knowledge and unmatched corporate and board experience,” said Candace Beinecke, the chairwoman of CBS’s nominating and governance committee. “We are fortunate to have Dick in this leadership role.”

Prior to joining CBS, Parsons served as chairman of both Time Warner and Citicorp. He took over Time Warner following its 2000 merger with AOL in 2002, and in 2009 he took over Citigroup. Parsons has also worked for the Rockefeller family, New York’s Dime Savings Bank, and served as interim CEO to the Los Angeles Clippers. Parsons had earlier served as an advisor to CBS controlling shareholder Shari Redstone throughout her battle with Moonves over a CBS-Viacom merger.

Parsons’ appointment follows the resignation of Moonves, who was forced out of CBS after more than 20 years due to numerous allegations of sexual misconduct.

CBS also announced on Tuesday that two board members, Bruce Gordon and William Cohen, would be stepping down. They had both served on the company’s board since 2006. Their departure was reportedly unexpected, with The Wall Street Journal reporting that they offered no explanation in their resignation letters.