23 Oct 2017
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Paramount Pictures chairman, CEO Brad Grey steps down

MUMBAI: US media conglomerate Viacom has announced that Brad Grey will step down from his role as Paramount Pictures chairman, CEO.

The company is commencing a comprehensive search to identify a successor, and Grey will remain at Paramount for a period to support the transition. This is the second high profile exit in Hollywood recently after Michael Lynton stepped down at Sony. Not surprisingly, both studios have had a tough time at the box office recently with big losses.

Viacom president, CEO Bob Bakish will work closely with Paramount’s leadership team, including Marc Evans (president, Motion Picture Group); Andrew Gumpert (Chief Operating Officer); Amy Powell (president, Paramount Television and Digital Entertainment); Megan Colligan (president, Worldwide Distribution and Marketing); and Mark Badagliacca (CFO) to maintain momentum until a new CEO is appointed.

“Brad has overseen the production and distribution of some of Paramount’s most celebrated hits, and more recently championed the successful relaunch of the studio’s television division. We are grateful for his 12 years of extraordinary service and wish him every continued success.

“Paramount has produced some of the most recognizable and cherished films in Hollywood, making it a key part of Viacom’s history, and our future. As we look ahead, I couldn’t be more excited by our early plans to reenergize the slate, more deeply integrate the studio and networks, and make the most of our incredible assets,” said Bakish.

“It has been my privilege to be a part of Paramount’s storied history, and I am grateful to Sumner Redstone for giving me this opportunity. I want to wish Shari, Bob and their entire team the best as they embark on Viacom’s next chapter. From the moment I came to Paramount in 2005, I saw myself as a steward of an iconic institution. In that time, it has been my great honor to work with a group of wildly talented storytellers. But above all, I am indebted to the wonderful people at this studio, whose creativity, professionalism and integrity are second to none”, said Grey.