Exciting news! Paramount Global has just extended the contract of CFO Naveen Chopra until 2026. This former Amazon and Pandora executive has been an invaluable asset to the company since joining in 2020. Working closely with CEO Bob Bakish, Chopra has played a crucial role in driving the financial strategy behind important initiatives such as our direct-to-consumer streaming push and various cost reduction efforts.
One recent milestone was the integration of Paramount+ and Showtime, resulting in significant savings of $700 million. This move aligns with our commitment to streamlining operations and delivering the best content to our audience.
Under the terms of the new contract, Chopra will continue to receive a base salary of $1.4 million. Additionally, his target annual cash bonus will increase to 175% of his base salary, and the target value for equity compensation will be raised to $4.15.
While we face challenges in the ever-changing media landscape, including the decline of pay-TV and uncertainties in the theatrical film marketplace, we remain optimistic. Despite a 14% drop in our shares during the first half of 2023, we have seen a recovery from a recent market downturn. We are confident in our ability to adapt and thrive.
During a recent conference, Chopra expressed his excitement about the upcoming sale of book publisher Simon & Schuster and his positive outlook on the advertising industry’s rebound.
