Brad Grey Announces Paramount Resignation in Company-Wide Memo

“I want to wish Shari, Bob and their entire team the best as they embark on Viacom’s next chapter,” Grey said

Last Updated: February 22, 2017 @ 1:06 PM

Departing Paramount CEO Brad Grey sent a company-wide memo on Wednesday formally announcing his resignation.

Grey thanked both Viacom CEO Bob Bakish and National Amusements President Shari Redstone and her father Sumner Redstone in the brief note.

The 12-year studio chairman and CEO indicated he will “look forward to new adventures,” but remain engaged in official Paramount business over the next few weeks as the company transitions.

“From the moment I came to Paramount in 2005, I saw myself as a steward of an iconic institution. I never could have dreamed that privilege would last more than 12 years,” Grey wrote.

“The core of our successes has always been their unique ability to entertain and inspire people around the world,” he added.

Viacom issued its own release moments after Grey’s memo was circulated, confirming TheWrap’s report of an interim leadership committee that will steer the studio until a replacement for Grey is found.

The group consists of  Motion Picture Group President Marc Evans, COO Andrew Gumpert, TV and Digital head Amy Powell, Worldwide Distribution and Marketing President Megan Colligan and studio CFO Mark Badagliacca.

“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,” Bakish said in a statement.

Read the note sent to all employees:

TO: Paramount Employees

FROM: Brad Grey

DATE: February 22nd, 2017

I am writing to let you know that I am leaving Paramount. I will hand over most of my duties effective today, but will remain engaged in the coming weeks to support a smooth transition.

It has been my privilege to be a part of Paramount’s storied history, and I am grateful to Sumner Redstone for giving me this opportunity. I want to wish Shari, Bob and their entire team the best as they embark on Viacom’s next chapter.

From the moment I came to Paramount in 2005, I saw myself as a steward of an iconic institution. I never could have dreamed that privilege would last more than 12 years.

In that time, it has been my honor to work with a group of wildly talented storytellers. The core of our successes has always been their unique ability to entertain and inspire people around the world.

Above all, I am indebted to all of you, the wonderful people here at Paramount. Your creativity, professionalism and integrity are second to none. I am grateful to everyone who helped me along the way and I look forward to new adventures.

Thank you.

Best,

Brad

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