Paramount says CEO Bob Bakish is stepping down, will be replaced by a trio of executives
Paramount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue.
Paramount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue.
Bakish climbed the corporate ladder after joining Viacom in 1997, until he became CEO of the company in 2016. Following the merger of Viacom and CBS, he became CEO of the combined company in 2019, which was later renamed Paramount Global. He is also leaving the company’s board of directors, Paramount said Monday.
Bakish will be replaced by what the company called an “Office of the CEO.” Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon. The company said the three executives will work closely with Paramount CFO Naveen Chopra and the board.
In the release Monday, Paramount said the new leadership is “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.”
Paramount also reported its first-quarter earnings after the bell Monday and held an earnings call during which the newly appointed company heads gave a brief statement and said they would be back “in short order” to share details on future plans.
Rating: 5