NEW YORK — Westinghouse Electric Corp. chairman Michael Jordan promised improved results at CBS next year from the Winter Olympics and better demographic ratings.
At an annual shareholders meeting in Minneapolis on Wednesday, Jordan said, “We expect to continue to gain share against our rivals, and that will help our results.”
He told reporters the company’s stock price should improve in the next several weeks as TV ratings improve. CBS has had a strong showing in the early days of the May sweeps, and Jordan expects shares to trade at $18-$19 by the time Westinghouse’s industrial businesses are spun off in late September, as scheduled.
Westinghouse shares closed down 12-1/2¢ Wednesday, to $16.87-1/2.
In other news, Westinghouse also announced the election of Peter Lund, president-CEO of CBS Television and Cable Group, to the company’s board of directors; his counterpart at CBS Radio, Mel Karmazin, had earlier been named a director.
Also, 60% of the company’s shareholders voted against a proposal to rescind a poison-pill plan, leaving the current one in place. But in a concession, the company has agreed to halve its duration, from 10 to five years.
Jordan also confirmed to reporters after the meeting that he’s seeking an outsider to lead the industrial businesses, now headed by Francis Harvey, which will be spun off from the media sector as the new Westinghouse Electric Co. Jordan himself will remain CEO at CBS Corp.