Charles Phillips, the Paramount Global director who led the special committee that evaluated trading options, is retiring.
Paramount announced Mr. Phillips’ departure on Friday, noting in a securities filing that Mr. Phillips notified the board of his decision earlier this week and that the decision will become effective at the end 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. “My company, Recognize, is launching our second fund next month, and unfortunately the expansion and growth means less time for external engagement.In a dynamic industry, Viacom, ViacomCBS, Paramount I am honored to serve on the board of directors and wish the company and its many talented employees every success in the future.”
Phillips was a key figure in Paramount’s eventual sale to David Ellison’s Skydance Media. Mr. Phillips, a former Oracle executive, was initially skeptical of the deal, which surprised some officials. But Skydance’s amended proposal, which included considerations for Paramount’s regular Class B shareholders, ultimately won his support, and Phillips said the new deal would give shareholders “a clear view of immediate value and future upside opportunities.” He said he brought both.
Mr. Phillips’ departure is not surprising as Skydance is set to take over the company next year, but it also marks a major board shake-up due in part to the ongoing sale process and the previous CEO’s management shake-up. After a turbulent year, he will step down. Bob Bakish is sent off.
Earlier this year, four other Paramount board members announced they would not run for re-election.
