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 Monday laid out details about the various exec contract updates.

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 last April after the ouster of Bob Bakish. The three have jointly run the company in the weeks since, last week delivering 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 its Executive Change in Control Severance Protection Plan. Under that scheme, each exec can qualify for a severance payment of twice their base pay in the increasingly likely event that the company changes hands as well as benefits continuing 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, though that amount will be prorated in the event of a deal taking effect in less time.

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 short-term incentive plan. Her long-term incentive is now $1.8 million. 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.