Restructuring, streamlining and realignment. We’ve been hearing that phrasing quite a bit over the past few months as media congloms have been thinning out their top executive ranks and targeting efficiencies to improve their balance sheets in a time when the effects from the pandemic are being exacerbated by the impact of the economic slowdown, high inflation and a looming recession.
CBS president and CEO George Cheeks used the “restructuring and streamlining” language in his memos yesterday announcing the exits of Kelly Kahl, a 26-year CBS veteran, who is stepping down as President of CBS Entertainment, and Thom Sherman, who is departing as Senior EVP of Programming. (While Sherman had been at CBS for 5.5 years, he had been with the larger company for 16.5 years, having previously worked at the CW, which until recently was a joint venture between CBS and Warner Bros.) Last month, another top exec from the CBS part of Paramount Global, Showtime Chairman and CEO David Nevins, exited after 12 years.
And the month before, Jo Ann Ross, a 30-year CBS veteran, also stepped down. No outside executives have been brought in as replacements, with Nevins’ duties divvied up among other top Paramount Global execs, including Cheeks, Ross’ role as President of Paramount Advertising taken over by COO John Halley while Kahl and Sherman’s positions were consolidated into one, Entertainment President, which will be held by CBS head of current Amy Reisenbach.
That plays into the notion that Paramount Global has been top-heavy, especially post-merger, with multiple senior executives at the highest level in various areas.
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