Brad Grey Stepping Down from Paramount

NEW YORK: Brad Grey is exiting his role as the chairman and CEO of Paramount Pictures.

Bob Bakish, the president and CEO of Viacom, will work closely with Paramount’s leadership team until a new CEO is appointed. Grey will remain at the company for a period to support the transition. Marc Evans, the president of the motion picture group; Andrew Gumpert, the chief operating officer; Amy Powell, the president of Paramount television and digital entertainment; Megan Colligan, the president of worldwide distribution and marketing; and Mark Badagliacca, the CFO, will remain integral to maintaining momentum as the search for a successor is underway.

“Brad has overseen the production and distribution of some of Paramount’s most celebrated hits and, more recently, championed the successful relaunch of the studio’s television division,” said Bakish. “We are grateful for his 12 years of extraordinary service and wish him every continued success. Paramount has produced some of the most recognizable and cherished films in Hollywood, making it a key part of Viacom’s history, and our future. As we look ahead, I couldn’t be more excited by our early plans to reenergize the slate, more deeply integrate the studio and networks, and make the most of our incredible assets.”

Grey commented: “It has been my privilege to be a part of Paramount’s storied history, and I am grateful to Sumner Redstone for giving me this opportunity. I want to wish Shari, Bob and their entire team the best as they embark on Viacom’s next chapter. From the moment I came to Paramount in 2005, I saw myself as a steward of an iconic institution. In that time, it has been my great honor to work with a group of wildly talented storytellers. But above all, I am indebted to the wonderful people at this studio, whose creativity, professionalism and integrity are second to none.”