Studio chief Brad Grey made it official today that he’s stepping down at Paramount Pictures, and Variety reports that the studio plans to put an interim committee of insiders in charge to run the studio until Grey’s successor can be found.
The committee includes film group chief Marc Evans and TV boss Amy Powell, the story reports.
“He has three years to go on the five-year contract he signed in 2015, so a financial settlement has to be consummated before he formally resigns under pressure from Viacom’s new CEO, Bob Bakish,” Variety notes. “Grey’s departure had long been expected in the industry amid the top-to-bottom shakeup at Viacom and the continued poor performance of Paramount.”
The interim committee also includes Andrew Gumpert, who joined Paramount as chief operating officer in November from Sony; and Megan Colligan, Paramount’s president of distribution and marketing, Variety reports. Other names are also expected to be added to the committee.
The Los Angeles Times reports that Grey made it official today that he has left the company after 12 years running the studio. Grey sent out a memo to staffers today, writing: “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.”
He added that he would “remain engaged” for an unspecified period of time to help with the transition, The Times notes.
“Grey’s departure, which was telegraphed last week and announced Wednesday, takes effect immediately,” The Times adds. “It comes as Viacom’s new chief executive, Bob Bakish, aggressively shakes up the management ranks of the New York media company controlled by ailing media mogul Sumner Redstone.”