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Headline : Paramount Unveils Bob Bakish Exit Terms, Names Chris McCarthy ‘Interim Principal Executive’ For SEC Purposes

Read more from the original article on here at deadline.com.





Tags : #paramount #unveils #bob #bakish #exit #terms #names #chris #mccarthy #interim #principal #executive #sec #purposes


No. of Paragraph 11

Paramount Global says Chris McCarthy is the company’s “interim principal executive officer,” a necessity required by the SEC that apparently does not signal he has more decision-making power among a trio of top executives who stepped up to replace Bob Bakish this week in a new Office of the CEO.

Security & Exchange Commission rules require a person, not an office, to conduct with over the normal course of business. It’s not clear why McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks, received the designation (maybe he drew the short straw).

The other two in the CEO office are George Cheeks, president and chief executive CBS, and Brian Robbins, president of Paramount Pictures and president-CEO of Nickelodeon.

The filing says that Bakish, who formally exited April 30, will continue as a senior advisor to the company through October 31 “to help ensure a seamless transition of his duties.” Until then, he’ll receive a $258k monthly salary, is entitled to a not-yet-set prorated bonus for 2024, and will continue to vest in all outstanding equity awards in accordance with their terms.

Read more from the original article on here at deadline.com.


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