Paramount CEO Bob Bakish to leave, replaced by three execs
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The news: Paramount Global has announced that its CEO Bob Bakish will leave the media group and be replaced by an "Office of the CEO" made up of three current senior executives.
The numbers: Bakish became CEO of Viacom in 2016 having joined the company in 1997. After the merger of Viacom and CBS, he became CEO of the combined group in 2019, later renamed Paramount Global.
The context: Bakish, who will also step down from Paramount's board of directors, will be replaced by an "Office of the CEO", consisting of three senior company executives.
CBS president and CEO George Cheeks, Paramount Pictures and Nickelodeon president and CEO Brian Robbins, and Showtime/MTV Entertainment Studios and Paramount Media Networks president and CEO Chris McCarthy will lead the group following Bakish's departure, working closely with chief financial officer Naveen Chopra and the board of directors.
Paramount said the new leadership group is now working with the board to "develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy."
What they said: Paramount chair Shari Redstone said: "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. They have both the ability to develop and execute on a new strategic plan and to work together as true partners."
"I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead," she said.
The source: Paramount media release
