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Paramount Global confirmed on Monday, April 29, that its chief executive officer, Bob Bakish, is stepping down. He is leaving amid the company’s merger talks with Skydance Media.
Since 2019, Bakish has been the CEO of the merged Viacom and CBS which was renamed Paramount Global. As per CNBC, he is also pulling out of the company’s board of directors. His ouster comes as Paramount and Skydance Media get closer to sealing a merger deal.
Trio of Executives Appointed as CEO Replacement
Paramount Global will now be led by three leaders and formed the “Office of the CEO” to replace Bakish. The company revealed it appointed George Cheeks, CBS president and CEO; Chris McCarthy, Showtime/MTV Entertainment Studios and Paramount Media Networks president and CEO; and Brian Robbins, Paramount Pictures and Nickelodeon head, to be co-CEOs.
Paramount said the trio Cheeks, McCarthy, and Robbins will work closely with the company’s chief financial officer, Naveen Chopra, and the board. The mass media and entertainment firm said the new leadership is working with the board to establish a comprehensive, long-range strategy to accelerate growth, create popular content, improve revenues, and streamline operations.
The Associated Press News reported that the co-CEO leadership format is rare but not unknown. In fact, about 100 public companies, including Netflix, Salesforce, SAP, and Chipotle Mexican Grill, have been practicing co-CEO management in different periods over the last quarter century.
Bakish’s Ejection from the Company
It was reported that Bakish could be removed as Paramount Global’s chief this week, ahead of the earnings call. It was suggested that he was ejected after losing the trust of Shari Redstone, a top controlling shareholder.
Reportedly, she believes that removing Bakish will speed up the Paramount-Skydance deal. It was noted that the ousted CEO privately expressed his opinions against the merger.
"Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the company. I have tremendous confidence in George, Chris and Brian,” Shari Redstone, chairman of the board, said in a press release. “They have both the ability to develop and execute a new strategic plan and to work together as true partners.”
Photo by: Hannah Wernecke/Unsplash
