CBS UPDATE: Remember those rumors we mentioned...

CBS UPDATE: Remember those rumors we mentioned about CBS Records top exec Al Teller leaving the company--reports that CBS wouldn’t dignify with a comment? Consider them dignified. CBS has “regretfully” announced Teller’s departure--and confirmed that top rock manager Tommy Mottola is moving in (under company president Walter Yetnikoff) as new president of the CBS Records division. Even though the move is official, Yetnikoff still refused to comment about why the industry’s biggest company is playing musical chairs. However, CBS insiders praised the move, saying it was a Yetnikoff maneuver aimed at boosting morale at the company. The switch is also said to make a strong statement about CBS’ industry future, with Mottola, 39, being the youngest top exec ever to serve at the company. What’s next? Expect CBS to fill the long-vacant post of head of Epic Records (which serves, along with Columbia, as a key CBS label) by hiring Dave Glew, who recently resigned as general manager of Atlantic Records.