He will be replaced by Clive Punter, most recently CBS Outdoor's chief operating officer in Asia, who will take over from Goddard at the end of March.
Goddard is leaving CBS Outdoor, which was known as Viacom Outdoor before its rebranding last year, to pursue his own business interests outside the outdoor industry.
Punter's promotion sees him take overall responsibility for CBS Outdoor in the UK, Ireland, France, Italy, Netherlands, Spain and China.
A former joint managing director of CBS's UK operations, Punter will be charged with growing CBS Outdoor's international revenues, especially in digital screen media.
Leslie Moonves, the president and chief executive of CBS Corporation, said: "Clive is a highly regarded and accomplished executive who has played many crucial roles during his tenure at CBS."