CNBC’s Julia Boorstin provided updates on the ongoing Paramount executive shakeup during ‘Closing Bell Overtime.’ Paramount Global announced that long-serving CEO Bob Bakish would step down and transition to a new role as vice chair of the company’s board of directors. The move was part of a broader restructuring of the media conglomerate’s leadership team.
Bakish’s departure marks a significant change for Paramount, which he has led since 2017. Under his guidance, the company underwent a major transformation, including the acquisition of CBS and the launch of its streaming service, Paramount+. However, Paramount has faced challenges in recent months, including a decline in its stock price and increased competition in the streaming market.
Paramount has appointed a new leadership team to guide the company through this transition. Former Showtime Networks CEO David Nevins will take over as chairman and CEO of Paramount Media Networks and MTV Entertainment Studios. Chris McCarthy, who previously led ViacomCBS Media Networks, will become CEO of Paramount Streaming. Naveen Chopra, formerly CFO of travel company Expedia, has been named CFO of Paramount.
Boorstin highlighted that these changes are part of Paramount’s efforts to streamline its operations and position itself for future growth. She noted that the company is facing stiff competition in the streaming market, but expressed confidence in the new leadership team’s ability to navigate these challenges. The executive shakeup is expected to bring a fresh perspective to Paramount and help the company adapt to the rapidly evolving media landscape.
