Charles Phillips, the Paramount Global board member who led the company’s special committee to evaluate its deal options, is leaving the company.
Paramount disclosed Phillips’ exit Friday, writing in a securities filing that Phillips informed the board of his decision earlier this week, and that it would be effective at the end of October.
“I am resigning from the Paramount Board of Directors, effective the end of this month (October 31, 2024),” Phillips wrote in his resignation letter. “As my firm Recognize launches a second fund next month, the expansion and growth unfortunately leave less time for outside commitments. It’s been an honor to serve on the Viacom, ViacomCBS, and Paramount boards in a dynamic industry. I wish the company and its many talented employees well in the future.”
Phillips was a central figure in Paramount’s ultimate sale to David Ellison’s Skydance Media. A former Oracle executive, Phillips was initially skeptical of the deal, surprising some observers. However, Skydance‘s revised offer, which included sweeteners for regular Class B shareholders in Paramount, ultimately led to his support, with Phillips saying that the new deal delivered “both immediate value and future upside opportunity” for shareholders.
Phillips’ departure is not surprising, with Skydance set to take over the company next year, but he exits after a tumultuous year, with the board undergoing wholesale turnover, in part due to the ongoing sale process, and the executive shakeups that saw former CEO Bob Bakish exit.
Earlier this year, four other Paramount board members said that they would not run for reelection.