After attempting to reassure Wall Street with their transient opening remarks on the Paramount Global earnings name, the trio executives named to the newly fashioned Office of the CEO seemed to do the identical with the corporate’s workers 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 of their new roles as Bakish’s successors.
It adopted an organization e mail by Shari Redstone, Chair of Paramount’s Board of Directors, who introduced 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 mentioned in her memo, telling workers, “We will need all of you to help drive execution of that plan.”
As they did on the earnings name, Cheeks, McCarthy and Robbins spoke concerning the power 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 of their e mail earlier than acknowledging the excessive stage of hysteria inside the firm following the latest layoffs, as we speak’s CEO exit and pending sale.
“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 mentioned. “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 workers doubtless have loads of questions, Cheeks, McCarthy and Robbins promised extra updates quickly, together with an organization city corridor. (Neither the trio, nor Paramount Global CFO Naveen Chopra took any questions on the very transient earnings name.)
In their respective memos, which you’ll learn under, Redstone in addition to Cheeks, McCarthy & Robbins acknowledged Bakish and thanked him for his tenure.
Paramount Team,
Following up on Shari’s word, we wish to attain out to briefly handle as we speak’s announcement.
We’d wish to thank Shari and the Board for placing their belief in us. This new construction will permit us to proceed leveraging the ability of your entire firm. Ours is a partnership constructed on respect, camaraderie and, most significantly, a shared love of Paramount Global, its workers and our world-class content material.
We additionally wish to thank Bob for his management, many contributions and his assist of our manufacturers and companies. We want him properly and far success within the days forward.
Going ahead, we’re finalizing a brand new long-term plan to greatest place this storied firm to achieve new and better heights in our quickly altering world. Alongside our many completed leaders and unimaginable groups, we’re excited to take these subsequent steps collectively. Today’s robust Q1 earnings is a direct reflection of your unimaginable laborious work, and we ask that you just proceed to remain targeted as we transfer into this subsequent chapter.
We know this has been a difficult time, and the times forward could also be equally difficult as we adapt and collaborate in new methods collectively. The work we might want to do collectively is essential and can set us up greatest for long run success. Please know we’ll transfer ahead with goal, focus and fervour on behalf of all our essential stakeholders – all of you, our groups, our shareholders, inventive companions, advertisers, and distribution companions.
It’s loads of information to digest and also you most likely have loads of questions. We might be in contact over the times forward with extra updates together with a city corridor. Thank you for every part you do and for what we’ll do collectively sooner or later.
With a lot appreciation,
George, Chris and Brian
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As , Bob Bakish is stepping down from his position as CEO and from the Board, capping a 27-year profession at Paramount.
With Bob’s departure, we’ve created an Office of the CEO. This Office might be comprised of three very proficient 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, they usually be will working carefully with Naveen Chopra, CFO, and the Board of Directors.
We have super confidence in George, Chris and Brian. Each of them has intensive expertise as inventive executives and enterprise leaders with lengthy observe information of success. We have watched them work collaboratively for a number of years and we’re enthusiastic about what they may accomplish collectively. As a crew they convey to bear unimaginable information and understanding of our enterprise and can deliver stability to the corporate whereas concurrently growing a long-range strategic plan to take full benefit of the alternatives forward for Paramount Global.
We will want all of you to assist drive execution of that plan. The power of Paramount has at all times been our individuals. As we proceed to work tirelessly to create and ship award-winning content material, speed up progress and drive worth for our shareholders, we’ve little doubt that you’ll assist propel Paramount Global to even new heights.
Finally, I wished to finish with a private word of due to Bob. Among his numerous contributions to the corporate, the one I most recognize is his success in rebuilding the nice tradition Paramount. We want him the perfect.
Shari Redstone