Paramount Details Separation Agreement With Jeff Shell
Deadline • • business
Key Points:
- Jeff Shell, former president of Paramount Skydance, exited the company on April 8 and will receive a cash severance package of about $5 million, covering his salary and target bonus over a 12-month period.
- Shell also received a one-time restricted stock grant valued at $75 million that vests over five years, with some accelerated vesting included in his separation agreement, though specifics remain unclear.
- Paramount will continue to cover Shell’s medical and dental benefits during the severance period, and further details may be disclosed in the company’s next annual proxy statement.
- Shell’s departure follows a lawsuit accusing him of leaking insider information; Paramount’s outside counsel found no securities law violation but confirmed his exit to allow him to focus on the lawsuit.
- Shell previously lost his CEO position at NBCUniversal amid misconduct allegations and later joined Skydance as David Ellison’s second-in-command; his exit coincides with Paramount’s pending merger with Warner Bros. Discovery.
