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Photo: Mark Kauzlarich/Bloomberg via Getty Images

CBS Evening News executive producer Jay Shaylor is exiting amid reorganization of the show's management, sources tell Axios.

Why it matters: It's the second major leadership shakeup at the show in the last few years. The program has struggled for years to compete for ratings with evening news at ABC and NBC.

Details: The departure was announced abruptly Friday morning on a team call that, Shaylor, formerly an executive producer at CNN, was leaving. He had been in his role with CBS since late 2019.

  • Sources tell Axios it's part of a wider management shakeup at CBS Evening News. Last week, the network named Alturo Rhymes and Elizabeth Turner co-senior broadcast producers.

The big picture: CBS Evening News has been through lots of changes in the past few years. Norah O'Donnell took over as anchor of the show in 2019.

  • The show relocated from New York to Washington, D.C., that year and changed its management alongside the shakeup.

Be smart: It's not uncommon for leadership changes at major broadcast shows when management changes within the broader network structure. In April, ViacomCBS named Neeraj Khemlani and Wendy McMahon president and co-head of a unit that will oversee both CBS News and CBS television stations.

What they're saying: "Jay Shaylor is leaving the company. We thank him for his contributions to the broadcast and for helping develop it into the impactful program it is today," CBS News said in a statement.

  • "The Evening News is in terrific hands with a stellar team of journalists, led by Elizabeth Turner and Alturo Rhymes, as we determine new executive leadership."
  • "With Norah O’Donnell as the anchor and Managing Editor, the Evening News is in its best competitive position in years.  We are extremely proud of the broadcast and what this team will be able to accomplish as we move forward."

Go deeper

First look: José Díaz-Balart returning to MSNBC for new show

José Díaz-Balart at Telemundo Center in Doral, Fla. Photo: Alexander Tamargo/Getty Images

José Díaz-Balart, one of the few Latino anchors on U.S. television, is returning to MSNBC later this month to host a new show, the network announced Tuesday.

The big picture: The "Noticias Telemundo" anchor will take over daily the 10am ET hour on MSNBC for a show called "José Díaz-Balart Reports," beginning Sept. 27, as the network seeks to add more diverse voices.

Instagram pauses development of platform for kids

Photo: Lorenzo Di Cola/NurPhoto via Getty Images

Instagram announced Monday that it is pausing its plans to develop a version of its platform for children under 13.

Why it matters: Facebook has received backlash since the Wall Street Journal published a report that showed the company knew its Instagram app is harmful for teenagers.

Stock buybacks boom as corporate cash piles grow

The Delta variant is keeping more companies cautious about how to invest the mountains of cash they have at their disposal. That hesitancy has led, in part, to corporate spending on stock buybacks outpacing capital expenditures this year. 

Why it matters: Companies hoarded cash and raised prices over the past year — leaving them with a lot of money and decisions about what to do with it.