Charles Phillips, the Paramount International board member who led the corporate’s particular committee to consider its deal choices, is leaving the corporate.
Paramount disclosed Phillips’ exit Friday, writing in a securities submitting that Phillips knowledgeable the board of his choice earlier this week, and that it might be efficient on the finish of October.
“I am resigning from the Paramount Board of Directors, effective the end of this month (October 31, 2024),” Phillips wrote in his resignation letter. “As my firm Recognize launches a second fund next month, the expansion and growth unfortunately leave less time for outside commitments. It’s been an honor to serve on the Viacom, ViacomCBS, and Paramount boards in a dynamic industry. I wish the company and its many talented employees well in the future.”
Phillips was a central determine in Paramount’s final sale to David Ellison’s Skydance Media. A former Oracle government, Phillips was initially skeptical of the deal, stunning some observers. Nonetheless, Skydance‘s revised supply, which included sweeteners for normal Class B shareholders in Paramount, in the end led to his assist, with Phillips saying that the brand new deal delivered “both immediate value and future upside opportunity” for shareholders.
Phillips’ departure isn’t a surprise, with Skydance set to take over the corporate subsequent 12 months, however he exits after a tumultuous 12 months, with the board present process wholesale turnover, partially due to the continuing sale course of, and the manager shakeups that noticed former CEO Bob Bakish exit.
Earlier this 12 months, 4 different Paramount board members stated that they might not run for reelection.
