Amid rumors of a potential sale, Paramount Global‘s Board of Directors revealed the departure of Bob Bakish, President and CEO.

In response, the company has formed an Office of the CEO, comprising three executives: 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. They will collaborate closely with Naveen Chopra, CFO, and the Board of Directors.

The Office of the CEO is spearheading the development of a comprehensive long-range plan to bolster growth, streamline operations, fortify the balance sheet, and refine the streaming strategy. Shari Redstone, Chair of the Board, expressed confidence in Cheeks, McCarthy, and Robbins, highlighting their track record and collaborative abilities.

The Board emphasized that the Office of the CEO will accelerate growth and operational strength. Bakish, who joined Viacom in 1997 and assumed roles of increasing importance, was thanked for his contributions in shaping the combined company’s culture. Redstone extended best wishes to Bakish for his future endeavors.