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named Richard Bressler chief financial officer and senior executive vice president, confirming

recent speculation about the future of the post.

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Bressler will begin his term as financial chief on May 1, the entertainment company said Monday. He succeeds Fredric Reynolds, who has been named president of Viacom's

CBS Television Stations


Most recently, Bressler was the executive vice president and head of investments for

AOL Time Warner



In recent trading on the

New York Stock Exchange

, Viacom gained $1.15, or 2.7%, to $43.75. AOL rose $1.25, or 3.2%, to $40.77.