The three Paramount Global executives installed to run the company after Bob Bakish was removed as CEO sought to reassure employees that they have a long-term strategy.
On Monday, Paramount Global said Bakish was stepping down as CEO and leaving the board. In his place, the company established an “Office of the CEO” led by three divisional heads: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.
The shake-up fueled uncertainty at the media conglomerate about its future. Bakish’s exit came as the Paramount Global board and controlling shareholder Shari Redstone were working to close a deal to merge Paramount with David Ellison’s Skydance Media.
The three new heads of Paramount Global’s Office of the CEO sent a memo to staff after the news was announced.
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“Going forward, we are finalizing a new long-term plan to best position this storied company to reach new and greater heights in our rapidly changing world,” they wrote. “Alongside our many accomplished leaders and incredible teams, we’re excited to take these next steps together. Today’s strong Q1 earnings is a direct reflection of your incredible hard work, and we ask that you continue to stay focused as we move into this next chapter.”
They continued:“We know this has been a challenging time, and the days ahead may be equally challenging as we adapt and collaborate in new ways together. The work we will need to do together is important and will set us up best for long term success. Please know we will move forward with purpose, focus and passion on behalf of all our important stakeholders – all of you, our teams, our shareholders, creative partners, advertisers, and distribution partners.”
“We’d like to thank Shari and the Board for putting their trust in us. This new structure will allow us to continue leveraging the power of the entire company,” they wrote. “Ours is a partnership built on respect, camaraderie and, most importantly, a shared love of Paramount Global, its employees and our world-class content.”
The three execs acknowledged their former boss, thanking him in the memo. “We also want to thank Bob for his leadership, many contributions and his support of our brands and businesses. We wish him well and much success in the days ahead.”
The trio concluded, “It’s a lot of news to digest and you probably have a lot of questions. We will be in touch over the days ahead with more updates including a town hall. Thank you for everything you do and for what we will do together in the future.“
