Bob Bakish, CEO of Paramount Global, is reportedly stepping down from his position. A new leadership structure "Office of the CEO" will be formed including George Cheeks from CBS, Chris McCarthy from Showtime/MTV Entertainment Studios and Paramount Media Networks, and Brian Robbins from Paramount Pictures.
According to a report by AP, the media company stated that Cheeks, McCarthy, and Robbins will team up with CFO Naveen Chopra and the board of directors. They will be handling various tasks ahead.
One of them is an $11 billion acquisition offer from Apollo Global (a private equity firm) to buy the studio. This company makes programs for both movies and television and runs the Paramount+ streaming service as well.
It is worth noting that other companies, such as Salesforce, Netflix, Chipotle Mexican Grill, SAP, and Oracle, have also tried the co-CEO model.
A study from 2022, as reported in the Harvard Business Review, found that around 60 per cent of the 87 companies with co-CEOs saw an above-average stock performance while under dual leadership.
Earlier this week Paramount announced its quarterly earnings for the period ending March.
The company reported a net loss of $554 million, or 87 cents per share, which is better than the previous year's loss of $1.1 billion, or $1.74 per share. Revenue also rose by 5.8 per cent, reaching $7.66 billion compared to $7.27 billion in the same period last year.
