Yahoo Finance As Merger Saga Continues, Paramount Updates Pay Packages For Office Of CEO Trio & Re-Ups Chief People Officer Nancy Phillips
Paramount Global, which continues to explore its M&A options, has updated the compensation plans for the three execs in the Office of the CEO and re-upped Chief People Officer Nancy Phillips.
Separate SEC filings from the company on Monday laid out details about the various exec contract changes.
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George Cheeks, CEO of CBS; Chris McCarthy, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, CEO of Paramount Pictures and Nickelodeon were installed in the Office of the CEO after the ouster of Bob Bakish in April. The three have jointly run the company since, and last week delivered a presentation at the company’s annual shareholder meeting amid mounting uncertainty about Paramount’s future ownership structure. As Skydance Media continues to negotiate a full takeover, multiple parties have surfaced as potential acquirers of National Amusements, the Shari Redstone-led entity that controls about 77% of Paramount’s voting shares.
Paramount’s board has designated Cheeks, Robbins and McCarthy as participants in the Executive Change in Control Severance Protection Plan. Under that scheme, put in place last November, each exec can qualify for a severance payment of twice their base pay in the increasingly likely event that the company changes hands. They can also continue to receive benefits for 24 months after their departures. For the period they serve in the Office of the CEO, each is also eligible for an annual cash bonus of $2.75 million, according to the filing, though that amount will be prorated if a changing of the guard occurs in less than a year.
Phillips, who became EVP and Chief People Officer at ViacomCBS in December 2019 before the company’s rebrand as Paramount, has been extended through June 4, 2027, the filing said. Her annual base salary has been increased to $1 million and her target annual cash bonus will go up to 120% of her annual base salary under the company’s short-term incentive plan. She could also collect as much as $1.8 million under the long-term incentive plan. Both bonuses are contingent upon Phillips reaching certain performance goals identified by the compensation committee of Paramount’s board.
Prior to her arrival at Paramount, Phillips held HR posts at Nielsen, Broadcom and HP.
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