After attempting to reassure Wall Street with their brief opening remarks on Paramount Global’s earnings conference call, the three executives appointed to the newly formed CEO’s office wanted to do the same with the company’s employees coming through Sales negotiations with Skydance were unsettled by the sudden fall of long-time CEO Bob Bakish.
In a joint memo Monday afternoon, CBS President and CEO George Cheeks said; 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 the employees in their new roles as Bakish’s successor.
This was followed by a corporate email from Shari Redstone, chairwoman of Paramount’s board, announcing the creation of the CEO’s office, consisting of Cheeks, McCarthy and Robbins.
“As a team, they bring incredible knowledge and understanding of our business and will bring stability to the company while developing a long-term strategic plan to fully capitalize on the opportunities ahead for Paramount Global,” Redstone said in her memo. Tell employees, “We will need all of you to lead the implementation of this plan.”
As they did on the call, Cheeks, McCarthy and Robbins discussed 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 citing widespread concern within the company Layoffs recognized following recent events, today’s departure of the CEO and the impending sale.
“We know this has been a challenging time, and the days ahead could be just as challenging as we adapt together and work together in new ways,” they said. “The work we have to do together is important and will optimally prepare us for long-term success. Please know that on behalf of all of our key stakeholders – all of you, our teams, our shareholders, creative partners, advertisers and distributors – we will move forward with purpose, determination and passion.”
Cheeks, McCarthy and Robbins acknowledged that employees likely have many questions and promised more updates soon, including a company advisory conference. (Neither the trio nor Paramount Global CFO Naveen Chopra answered questions on the very brief conference call.)
In their respective memos, which you can read below, both Redstone and Cheeks, McCarthy & Robbins recognized Bakish and thanked him for his tenure.
Paramount team,
Following on from Shari’s comment, we would like to reach out to you and briefly address today’s announcement.
We would like to thank Shari and the board for trusting us. This new structure will allow us to continue to leverage the strengths of the entire company. Our partnership is based on respect, camaraderie and, most importantly, a shared love for Paramount Global, its people and our world-class content.
We would also like to thank Bob for his leadership, his many contributions and his support of our brands and companies. We wish him all the best and much success for the coming days.
Going forward, we are finalizing a new long-term plan to optimally position this storied company to reach new and greater heights in our rapidly changing world. Together with our many experienced leaders and incredible teams, we look forward to taking these next steps together. Today’s strong first quarter results are a direct reflection of your incredible hard work, and we ask that you continue to stay focused as we move forward into the next chapter.
We know this has been a challenging time, and the days ahead could be just as challenging as we collectively adapt and work together in new ways. The work we have to do together is important and will best prepare us for long-term success. Please know that we will move forward with purpose, determination and passion on behalf of all of our key stakeholders – all of you, our teams, our shareholders, creative partners, advertisers and distributors.
There’s a lot of news to digest and you probably have a lot of questions. We will be in touch with further updates, including a town hall, in the coming days. Thank you for everything you do and for what we will do together in the future.
With great appreciation,
George, Chris and Brian
—————————————————————————————————–
As you know, Bob Bakish is stepping down from his role as CEO and from the Board of Directors, capping a 27-year career at Paramount.
With Bob’s departure, we created a CEO’s office. This office will consist of three very talented executives from Paramount Global: 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 will work closely with Naveen Chopra, CFO, and the Board of Directors.
We have great confidence in George, Chris and Brian. Each of them has extensive experience as creative executives and business leaders with a long track record of success. We have been watching them work together for several years and are excited to see what they will achieve together. As a team, they bring incredible knowledge and understanding of our business and will bring stability to the company while developing a long-term strategic plan to fully capitalize on the opportunities ahead for Paramount Global.
We will need all of you to advance the implementation of this plan. Paramount’s strength has always been our people. As we continue to work tirelessly to create and deliver award-winning content, accelerate growth and increase value for our shareholders, we have no doubt that you will help Paramount Global reach even new heights.
I would like to end with a personal thank you to Bob. Among his countless contributions to the company, what I value most is his success in rebuilding the great Paramount culture. We wish him all the best.
Shari Redstone