Paramount Global CEO Bob Bakish’s total compensation for 2023 reached $31.3 million, marking a significant increase compared to previous years. Bakish’s compensation package comprised a base salary of $3.1 million, stock awards valued at $15.5 million, and performance-based incentives totaling $12.4 million.
This substantial increase in compensation reflects Paramount Global’s strong financial performance in recent years. However, the company has also faced scrutiny for its cost-cutting measures and layoffs. Bakish has emphasized the importance of these measures for managing costs and driving earnings growth in 2024.
The company announced plans to lay off approximately 800 employees in the United States and an undisclosed number of employees internationally. These layoffs aim to reduce Paramount’s workforce by 17%, raising concerns among employees and industry observers. Paramount Global’s cost-cutting efforts will likely continue to shape the company’s operations and financial trajectory in the coming months.
