Confirming published reports, Viacom announced that Brad Grey will step down as CEO of its troubled movie studio, Paramount Pictures.
Bob Bakish, the new CEO trying to turn around Viacom, announced that a comprehensive search to find someone to run Paramount is beginning.
Bakish said he and a team of senior studio executives will run Paramount until a new CEO is appointed.
That group includes including Marc Evans, president of the Motion Picture Group; Andrew Gumpert, chief operating officer; Amy Powell, president of Paramount Television and Digital Entertainment; Megan Colligan, president of worldwide distribution and marketing; and Mark Badagliacca, CFO.
"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. We are grateful for his 12 years of extraordinary service and wish him every continued success," said Bakish. "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 thanked Bakish and Viacom’s controlling shareholders, Sumner and Shari Redstone , for the opportunity to run the studio. "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,” he said.
(Photo via Smart Destination's Flickr. Image taken on Feb. 21, 2017 and used per Creative Commons 2.0 license. The photo was cropped to fit 9x16 aspect ratio.)