Paramount Global has announced significant changes to its executive leadership structure, as detailed in an amendment to their Current Report on Form 8-K filed with the SEC. On April 29, 2024, the company's Board of Directors established an Office of the CEO, which includes George Cheeks, Chris McCarthy, and Brian Robbins, all holding president and CEO titles within the company's various divisions. Chris McCarthy was appointed as the interim principal executive officer effective May 1, 2024. On June 4, 2024, the Compensation Committee approved new compensation arrangements for the executives in the Office of the CEO. McCarthy, Cheeks, and Robbins were designated as participants in the Paramount Global Executive Change in Control Severance Protection Plan, each with a severance multiple of two and a...Show More

Paramount Global has announced significant changes to its executive leadership structure, as detailed in an amendment to their Current Report on Form 8-K filed with the SEC. On April 29, 2024, the company's Board of Directors established an Office of the CEO, which includes George Cheeks, Chris McCarthy, and Brian Robbins, all holding president and CEO titles within the company's various divisions. Chris McCarthy was appointed as the interim principal executive officer effective May 1, 2024. On June 4, 2024, the Compensation Committee approved new compensation arrangements for the executives in the Office of the CEO. McCarthy, Cheeks, and Robbins were designated as participants in the Paramount Global Executive Change in Control Severance Protection Plan, each with a severance multiple of two and a benefit continuation period of 24 months. Additionally, each executive was awarded a target annual cash bonus of $2,750,000 under the company's Short-Term Incentive Plan, prorated for the duration of their service within the fiscal year. The actual bonus payouts will be contingent upon the achievement of the company's pre-established performance goals.