NEW YORK — CBS News has tapped John Paxson as its new VP for Europe and London bureau chief.The move is part of the reshuffling that occurred as a result of the network’s less-than-stellar performance in the early hours after the death of Princess Diana. Paxson, 47, replaces Marcy McGinnis, who, in October, replaced Lane Venardos as VP of hard news and special events. CBS was widely criticized at the time of Diana’s car accident, and insiders said the delay in coverage reflected a “fundamental failure of top-level management.” After six weeks, news prexy Andrew Heyward began making changes that reflected his decision to make the division “come out stronger” (Daily Variety, Oct. 8). Paxson has served as the London deputy bureau chief since August 1995. Prior to that assignment he was a producer for CBS News in Dallas and deputy bureau chief in Los Angeles. His novel, “Bones,” was published earlier this year.