Connect with us

Hi, what are you looking for?

Stock

Paramount assures bonus payouts for co-CEOs even if they exit roles

(Refiles to add media packaging code)

(Reuters) -Paramount Global’s board has approved awarding the previously declared annual bonus payments for its three co-CEOs even if they are no longer at the helm, according to a filing on Tuesday.

Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins would receive an additional 100% of their base salary, along with restricted share units valued at $3 million each.

These three Paramount executives were appointed as co-CEOs on April 29, succeeding Bob Bakish, who left the position due to disagreements with the company’s controlling shareholder, Shari Redstone.

The bonus arrangements will apply only to the portion of the current fiscal year after their appointment as co-CEOs and would also determine any future severance payments, the company said.

The change in compensation comes at a time when Paramount is aiming to reduce annual costs by $500 million ahead of its merger with Skydance Media.

As part of these cost-cutting measures, Paramount started job cuts in August and plans to lay off 15% of its U.S.-based workforce in three phases by the end of the year.”

This post appeared first on investing.com

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Former president Donald Trump and his allies have filed hundreds of lawsuits, with more to come, seeking to tighten voting rules or disqualify voters....

    Economy

    LONDON (Reuters) – Bank of England interest rate-setter Megan Greene said she still believed the central bank should take a cautious approach to cutting...

    Economy

    Thousands of dockworkers on the East Coast and Gulf Coast will return to work after reaching a tentative agreement on wages, ending one of...

    Editor's Pick

    Republican presidential nominee Donald Trump criticized Vice President Kamala Harris’s mental capacity Saturday, falsely claiming she was born “mentally impaired” and comparing her actions...

    Disclaimer: beneficialinvestmentnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 beneficialinvestmentnow.com