Jeff Shell, President of Paramount Skydance, is stepping down after eight months in the role.
His departure comes amid allegations that he violated US Securities and Exchange Commission disclosure rules.
Las Vegas gambler R.J. Cipriani had accused Shell of breaking a promise to develop a music show, suing him for $150m. Cipriani also alleged that Shell disclosed non-public information about the company.
Shell filed a countersuit against Cipriani last month, alleging extortion and defamation.
Shell became President overseeing day-to-day operations when Paramount Global completed its merger with Skydance Media last year.
In a statement, Paramount said that it had “conducted a complete and thorough review of the allegations” made by Cipriani and concluded that “the facts demonstrated that these allegations do not establish a securities law violation.”
Paramount said that Shell had “elected to transition” from his role as President “to focus on this lawsuit.”
“Paramount Skydance is grateful for Mr. Shell's many contributions and to have relied on him as a valued advisor,” said the company.
His departure comes just weeks after Paramount won a takeover $110bn battle for Warner Bros Discovery.
Paramount recently appointed Reemah Sakaan as President of its UK public service broadcaster, 5. Discover more here.
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