04:35 PM EDT, 04/29/2024 (MT Newswires) -- Paramount Global ( PARAA ) said Monday Chief Executive Bob Bakish is stepping down and the leadership responsibilities will be transferred to a newly-created Office of the CEO, consisting three senior officials.

The Office of the CEO is led by George Cheeks, president and CEO of CBS, Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.

In a statement, the company said the Office of the CEO will work with the board to accelerate growth and strengthen operations.

Bakish is also stepping down from the board of directors.

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