After a weekend of speculation, Paramount Global has confirmed president and CEO Bob Bakish will officially step down today (Tuesday, April 30th).
Bakish has been with the company since 1997 and became CEO of Viacom in 2016. He remained in the position when Viacom and CBS Corporation merged in 2019 to form Paramount Global.
As expected, the company has established an Office of the CEO, consisting of 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.
Paramount said the Office of the CEO is working with its 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 optimise the streaming strategy”.
“I have tremendous confidence in George, Chris and Brian,” said Shari Redstone, chair of the Paramount Global board, in a statement. “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.”
