The novel pentadentate tetrapodal proligand 2,6-bis[(2-hydroxyphenyl)sulfanylmethyl]pyridine (1·H2) and its cobalt(II) complex [Co(1)] (2) were synthesized and characterized by several analytical (EA, ESI-MS) and spectroscopic methods (NMR or EPR, FT-IR), including X-ray crystallography for 1·H2. Cyclic voltammetry studies showed that 2 undergoes a reversible metal-based oxidation (CoII/CoIII). Complex 2 was designed to be applied to organometallic mediated radical polymerization (OMRP), however it exhibited an extremely poor solubility in non-coordinating solvents and several vinyl monomers (styrene, vinyl acetate and tert-butyl acrylate), which hampers its potential as moderator. Complex 2 has a high affinity towards Lewis bases, such as pyridine, leading to the clean formation of the mono-pyridine adduct 2·py, as confirmed by X-ray crystallography. In 2·py, ligand 1 is pentacoordinated to the CoII center, with the two thioether-phenolate (S,O) moieties oriented anti to each other, and the only free coordination site of the octahedron is completed by the additional pyridine, trans to the central pyridine linker of 1. The equilibrium between 2 and 2·py could be studied by 1H NMR. Complex 2 could be cleanly and quantitatively oxidized to its diamagnetic iodo cobalt(III) analog [Co(1)I] (3), by simple reaction with iodine. The latter could then subjected to a halide abstraction reaction, mediated by K[B(C6F5)], affording the cationic complex [Co(1)][B(C6F5)], 4.