- After about four and a half years in the position
- Praise, thanks and good wishes for Bakish
- Responsibilities redistributed
(exechange) — New York, April 29, 2024 — Bob Bakish, chief executive of Paramount, leaves his position. As announced by Paramount Global in a news release on Monday, April 29, 2024, Robert M. (Bob) Bakish leaves his post as chief executive officer at the media empire behind CBS, MTV and Channel 5, after about four and a half years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Following Bob Bakish’s departure, the position of Chief Executive Officer will not be filled for the time being. Bob Bakish’s responsibilities are being redistributed.
To lead and oversee the company moving forward, Paramount Global has established an Office of the CEO, consisting of three senior company 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. Cheeks, McCarthy and Robbins will work closely with Naveen Chopra, CFO, and the Board of Directors.
“Accelerate growth”
Paramount did not give an explicit reason for Bob Bakish’s departure from the CEO post. Paramount stated: “The Office of the CEO 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.”
Precise information regarding Bob Bakish’s future plans was not immediately available.
“Stepping down”
Paramount said: “Bob Bakish, President and CEO, is stepping down from his role as CEO and from the Board of Directors.”
Share price decline since April 2021
The announcement follows a decline in Paramount Global’s share price of 73% since April 2021.
In the position of CEO since 2019
Bob Bakish became CEO of the Company in 2019.
Bakish has been the Company’s President and Chief Executive Officer and a member of the Company’s Board since December 2019.
Bakish served as President and Chief Executive Officer and a member of the board of Viacom Inc. (“Viacom”) from December 2016 to December 2019, having served as Acting President and Chief Executive Officer beginning earlier in 2016.
Bakish joined Viacom in 1997 and held positions throughout the organization, including as President and Chief Executive Officer of Viacom International Media Networks and its predecessor, MTV Networks International, from 2007 to 2016; Executive Vice President, Operations and Viacom Enterprises; Executive Vice President and Chief Operating Officer, MTV Networks Advertising Sales; and Senior Vice President, Planning, Development and Technology.
Before joining Viacom, Bakish was a partner with Booz Allen Hamilton in its Media and Entertainment practice.
Bakish served as a director of Avid Technology, Inc. from 2009 to 2023.
No statement by Bob Bakish
In the release announcing his departure as CEO of Paramount Global, Bob Bakish received praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Bob Bakish.
The above text is an excerpt from the exechange report 19.2024 ($), publication date May 6, 2024.