Viacom’s Paramount Pictures CEO Brad Grey To Step Down

Viacom,a media conglomerate that creates television programs, motion pictures, short-form content, applications, games, consumer products, and other entertainment content, said Wednesday that Brad Grey will step down from his role as chairman and chief executive officer of Paramount Pictures, a subsidiary of the company.

The company is commencing a comprehensive search to identify a successor, and Grey will remain at Paramount for a period to support the transition.

Bob Bakish, CEO of Viacom, will work closely with Paramount’s leadership team to maintain momentum until a new CEO is appointed. Grey joined Paramount in 2005, succeeding Sherry Lansing as CEO. Shares were down 0.6% in recent trading.

By Chris Robinson