CBS News Chairman Fager to Work Full Time on ‘60 Minutes’

CBS News Chairman Jeff Fager is stepping down from the post to devote all of his time to producing the weekly newsmagazine “60 Minutes.”

CBS News President David Rhodes will take over sole leadership of the division at the start of the year, according to a statement today. New York-based CBS Corp. extended Fager’s contract as executive producer of “60 Minutes” to early 2019.

Fager has produced “60 Minutes” for 11 years. He continued in that role at the 46-year-old program after becoming CBS News chairman four years ago. He and CBS Chief Executive Officer Leslie Moonves always planned for Fager to return to the show full-time, he said in a memo to staff.

“It is remarkable that he has been capable of excelling at both roles for so long,” Moonves said in the statement. “I fully understand this action on his part.”

CBS rose 0.4 percent to $53.54 at 2:57 p.m. in New York. Through yesterday, the shares had declined 16 percent this year.

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