Shari Redstone, Newly Elevated Execs Address Paramount Staff Following Bob Bakish’s Exit, Talk “Stability” & “Challenging Days” Ahead
After trying to reassure Wall Street with their brief opening remarks at the Paramount Global earnings call, the trio of executives named to the newly formed Office of the CEO looked to do the same with the company’s employees rattled by the sudden ouster of longtime CEO Bob Bakish amid sale negotiations with Skydance.
In a joint memo Monday afternoon, 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; addressed staffers in their new roles as Bakish’s successors.
It followed a company email by Shari Redstone, Chair of Paramount’s Board of Directors, who announced the creation of the Office of the CEO comprised of Cheeks, McCarthy and Robbins.
“As a team they bring to bear incredible knowledge and understanding of our business and will bring stability to the company while simultaneously developing a long-range strategic plan to take full advantage of the opportunities ahead for Paramount Global,” Redstone said in her memo, telling employees, “We will need all of you to help drive execution of that plan.”
As they did on the earnings call, Cheeks, McCarthy and Robbins spoke about the strength of their partnership and their long-term strategic plan.
“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 in their email before acknowledging the high level of anxiety within the company in light of the recent layoffs, today’s CEO exit and pending sale amid ongoing financial woes.
“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,” they said. “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.”
Admitting that employees likely have a lot of questions, Cheeks, McCarthy and Robbins promised more updates soon, including a company town hall. (Neither the trio, nor Paramount Global CFO Naveen Chopra took any questions on the very brief earnings call.)
In their respective memos, which you can read below, Redstone as well as Cheeks, McCarthy & Robbins recognized Bakish and thanked him for his tenure.
Paramount Team,
Following up on Shari’s note, we want to reach out to briefly address today’s announcement.
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. Ours is a partnership built on respect, camaraderie and, most importantly, a shared love of Paramount Global, its employees and our world-class content.
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.
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. 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.
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.
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.
With much appreciation,
George, Chris and Brian
As you know, Bob Bakish is stepping down from his role as CEO and from the Board, capping a 27-year career at Paramount.
With Bob’s departure, we have created an Office of the CEO. This Office will be comprised of three very talented senior Paramount Global executives: 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, and they be will working closely with Naveen Chopra, CFO, and the Board of Directors.
We have tremendous confidence in George, Chris and Brian. Each of them has extensive experience as creative executives and business leaders with long track records of success. We have watched them work collaboratively for several years and we are excited about what they will accomplish together. As a team they bring to bear incredible knowledge and understanding of our business and will bring stability to the company while simultaneously developing a long-range strategic plan to take full advantage of the opportunities ahead for Paramount Global.
We will need all of you to help drive execution of that plan. The strength of Paramount has always been our people. As we continue to work tirelessly to create and deliver award-winning content, accelerate growth and drive value for our shareholders, we have no doubt that you will help propel Paramount Global to even new heights.
Finally, I wanted to end with a personal note of thanks to Bob. Among his countless contributions to the company, the one I most appreciate is his success in rebuilding the great culture Paramount. We wish him the very best.
Shari Redstone