Paramount Global CEO Bob Bakish is set to exit his role on Monday, TheWrap has learned.
The media conglomerate’s board is meeting this weekend to discuss the matter, two insiders with knowledge of the discussions said. Insiders said that the board was upset with Bakish over his decision not to divest assets such as Showtime and BET Group and for not going far enough to cut costs.
Paramount stock ended Friday’s trading session at $11.91 a share — slightly above its 52-week low of $10.12 hit earlier this month, but down 48% in the past year and 17% year-to-date.