A trio of business leaders will take Bakish’s position and establish a new “Office of the CEO.” The CEOs of Showtime/MTV Entertainment Studios, Paramount Media Networks, and CBS, George Cheeks and Brian Robbins of Paramount Pictures, are among the group.
Bob Bakish is leaving his position as CEO of Paramount Global, a film, television, and multimedia company, the company said on Monday.
A troika of executives will take Bakish’s position and create a new “Office of the CEO.” Brian Robbins, CEO of Paramount Pictures; Chris McCarthy, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and George Cheeks, CEO of CBS, are among the group’s executives.
According to the corporation, Naveen Chopra, the chief financial officer, and the board of directors will collaborate closely with Cheeks, McCarthy, and Robbins. A rumored $11 billion offer from private equity company Apollo Global to purchase the studio, which makes movies and television shows and manages the streaming service Paramount+, is one of the challenges the new trio of CEOs will have to deal with.
Reports have also surfaced regarding a potential merger with Skydance, the media firm owned by David Ellison, which has contributed to the production of films released by Paramount, including “Top Gun: Maverick” and “Mission: Impossible: Dead Reckoning.”
In the last 25 years, co-CEOs have been present at about 100 public firms, including Salesforce, Netflix, Chipotle Mexican Grill, SAP, and Oracle. They are uncommon, but not unheard of. According to a 2022 Harvard Business Review study, 87 companies run by co-CEOs had superior stock performance when they had dual leadership. Of these, almost 60% did better.
On the other hand, CEO troikas are significantly less common, and their organizational problems can be far more intricate. For instance, two members of a troika can simply outvote a third, as opposed to being obliged to compromise as co-CEOs frequently do.
Additionally, Paramount on Monday disclosed its results for the quarter that concluded on March 31. It reported a net loss of $554 million, or 87 cents per share, attributable to Paramount, which is less than the $1.1 billion net loss, or $1.74 per share, recorded at the same time last year. Revenue for the business was $7.66 billion, up 5.8% from $7.27 billion in the previous year.
After deducting one-time gains and expenses, the last quarter’s earnings were 62 cents per share. That exceeded the 35 cents per share estimate, according to a poll.
“Mission: Impossible” was the theme used by Paramount to end the Monday conference call, which detailed the CEO’s changes and earnings, possibly as a subtle hint to the difficulties the company confronts.
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