Paramount Will Allow Its 3 Co-CEOs to Resign and Receive Severance If They Are Demoted
variety.comTodd Spangler NY Digital Editor With Paramount Global poised to be taken over by Skydance Media in 2025, the three execs running Paramount as co-CEOs — George Cheeks, Chris McCarthy and Brian Robbins — now have an additional provision in their employment agreements that will let them quit and receive severance benefits if they are demoted from their co-CEO roles.
If any of the three are assigned “duties or responsibilities substantially inconsistent” with their position or duties as co-CEOs, or they have “a material reduction in such position or duties,” the executives are entitled to resign for “good reason” and to receive corresponding severance payments, the media company disclosed in an SEC filing Tuesday.
In addition, Cheeks, McCarthy and Robbins were each awarded grants of $3 million worth of restricted share units of Paramount’s Class B common stock under the company’s latest long-term incentive plan as of Oct.
8, 2024. The RSUs will vest ratably over a three-year period beginning on the first anniversary of the grant date, per the filing.
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