Paramount Global CEO Bob Bakish’s Pay Dips to $31.25 Million in 2023
Paramount Global CEO Bob Bakish received $31.25 million in total compensation in fiscal year 2023, a slight drop from the $32.04 million package he received in 2022.
Bakish’s total pay included a $3.1 million base salary, approximately $15.5 million in stock awards, $12.4 million in non-equity incentive plan compensation, $121,824 reflecting a change in pension value and non-qualified deferred compensation earnings and $100,196 in “other” compensation, which included $9,892 in company contributions to his 401(k), $3,695 in company contributions to a profit-sharing plan, $7,080 in company-paid life insurance and $79,259 in transportation-related benefits.
Meanwhile, Paramount chief financial officer Naveen Chopra received $8.016 million in total compensation in 2023, a jump up from $6.51 million in 2022.
Chopra’s package included a $1.4 million base salary, approximately $3.99 million in stock awards, $2.6 million in non-equity incentive plan compensation and $22,447 in “other” compensation, which included $16,500 in company contributions to his 401(k), $3,695 in company contributions to a profit-sharing plan and $1,982 in company-paid life insurance.
The executive pay disclosures, revealed in the media conglomerate’s latest proxy filing published on Thursday, come as David Ellison’s Skydance Media has entered exclusive talks about a potential merger and acquisition of Shari Redstone’s National Amusements, which controls 77.3% of Paramount’s Class A (voting) common stock and 5.2% of its Class B common stock.
In 2023, Redstone received $575,405 in compensation, including $300,000 in fees, $250,033 in stock awards, $372 reflecting a change in pension value and non-qualified deferred compensation earnings and $25,000 in “other” compensation, reflecting the aggregate value of all matching contributions made by Paramount on behalf of the director under its Matching Gifts Program.
The deal must be approved by Paramount’s special committee of independent directors. Members of the committee include Barbara Byrne, Linda Griego, Judith McHale, Charles E. Phillips Jr. and Susan Schuman.
Byrne, who serves as the board’s audit committee chair, received $411,033 in total compensation in 2023. McHale, who serves as compensation committee chair, received $410,033. Griego, who serves as a compensation committee member, received $401,033. Phillips Jr., who serves as a nominating and governance comittee member, received $377,228. Schuman, who serves as nominating and governance committee chair, received $387,001.
Three other members of the independent committee — Dawn Ostroff, Nicole Seligman and Frederick Terrell — and board member and Redstone’s longtime attorney Rob Klieger will not stand for reelection at Paramount’s annual meeting on June 4.
Ostroff, who serves as a nominating and governance committee member, received $281,852 in total compensation for 2023. Seligman, who serves on both the audit and compensation committees, received $409,033. Terrell, who serves on the audit committee, received $366,088. Klieger received $375,117.
Paramount shares, which climbed 7.3% during Thursday’s trading session, are down 21.7% year to date. The company reported $14.6 billion in debt as of the end of 2023 and its market capitalization sits at $7.8 billion as of Thursday’s market close.
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