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Cheeks, McCarthy and Robbins will work closely with Chief Financial Officer Naveen Chopra and the board of directors, the company said. Among the challenges the new CEO will face is private equity firm Apollo Global’s $11 billion bid to buy the studio, which makes movies and TV shows and operates the Paramount+ service.
There are also reports of a possible merger with Skydance, the media company that helped produce David Ellison’s Paramount productions such as “Top Gun: Maverick” and “Mission: Impossible – Fallout.”
Chiefs were rare but not unknown; Nearly 100 publicly traded companies, including Salesforce, Netflix, Chipotle Mexican Grill, SAP, and Oracle, have had CEOs at various times over the past century.
A 2022 study published in Harvard Business Review found that in 87 companies where a CEO co-led, the two leaders had better stock performance. About 60% of these companies performed better than others.
Paramount also reported earnings for the quarter ending Monday, March 31, with a net loss of $554 million, or $87 per share, compared to a loss of $1.1 billion, or $1.74 per share, a year ago. The company reported revenue of $7.66 billion. An 8% increase from last year’s $7.27 billion.
Earnings for the latest quarter, adjusted for one-time revenue and costs, came to 62 cents per share. FactSet’s research shows it ranked first at 35 cents per share.
Creating confusion about the crisis it was facing, Paramount ended its conference call on Monday in which the Chief Revenue Officer announced changes to its theme: “Mission: Impossible.”