Paramount extends CFO Naveen Chopra's contract through 2026

Paramount Global has renewed the CFO until 2026.

In a filing with the SEC on Friday, the company said it had entered into an extension of three-year contract with the former Executive of Amazon and Pandora. The pact began on June 21 and will run until June 20, 2026, according to the filing.

Chopra joined the company in 2020, when it was known as ViacomCBS. He was a key lieutenant to CEO Bob Bakish, articulating the financial rationale for strategic moves such as the company's push toward direct-to-consumer streaming and a number of cost-cutting initiatives. A notable streamlining move took effect earlier this week, with Paramount+ officially adding the premium tier Paramount+ with Showtime in sync with a new image from the linear network formerly known as Showtime. The company estimated the move could save $700 million because it combines the operations of two previously standalone continuous outlets.

Under the new contract, Chopra will maintain a base salary of $1.4 million and benefit an increase in his target annual cash bonus to 175% of base salary, with a target value for equity compensation raised to $4.15. In 2022, according to the company, Chopra earned $6.5 million in total, up from $4.1 million in 2021.

Like many media companies, Paramount continues to face pay-TV decline and uncertainty surrounding the theatrical market. Its shares fell 14% in the first half of 2023, although they rebounded a bit from a steep drop earlier this year on weaker-than-expected forecasts, investor concerns over streaming spending and volatility. general market.

In an appearance this month at a conference hosted by the investment firm Gabelli & Co., Chopra pointed to moves like the sale of book publisher Simon & Schuster, which he said should close by the end of the year, as well as optimism about a rebound advertising.

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