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Paramount Co-CEO Brian Robbins to Step Down Following Skydance Merger

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Brian Robbins, who played a key role in growing Paramount+ streaming service, is stepping down as co-CEO of Paramount Global (PARA.O) after the completion of its merger with Skydance Media, according to a memo seen by Reuters on Wednesday. Skydance CEO David Ellison will assume leadership as chief executive once the merger closes by August 7.

In the memo, Robbins expressed confidence in Ellison and the incoming Skydance team, saying, “The company is in exceptionally capable hands.” Robbins joined Paramount in 2017 and was appointed co-CEO in April 2024 alongside George Cheeks and Chris McCarthy, collectively succeeding Bob Bakish.

Chris McCarthy’s departure was announced last month, while Cheeks will stay on as chair of media, overseeing Paramount’s broadcast and cable TV operations. Robbins previously served as CEO of Nickelodeon (2018) and became Paramount Pictures chief in 2021, overseeing 17 box office number one releases and franchises such as Sonic the Hedgehog, A Quiet Place, and Mission: Impossible.

Post-merger, the company is expected to be reorganized into three main segments: studios, direct-to-consumer, and TV media.

Starboard Revives Proxy Fight with CEO Smith’s Nomination to Autodesk Board

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Starboard Value has renewed its proxy fight with Autodesk by nominating three director candidates, including its founder and CEO Jeff Smith, to the engineering and design software company’s board. The hedge fund, which holds a $500 million stake in Autodesk, aims to address concerns about the company’s margin growth and overall performance.

Nominations and Proxy Battle

In addition to Jeff Smith, Starboard has nominated Geoff Ribar, former CFO of Cadence Design Systems, and Christie Simons, a senior partner at Deloitte & Touche, to Autodesk’s 13-member board. Ribar also serves on the board of Acacia Research, a Starboard-backed company, while Simons recently joined Micron’s board.

The move comes nearly a year after a failed attempt by Starboard to push its own slate of director candidates. The hedge fund has criticized Autodesk for overspending compared to its software peers and for underperforming the market, pointing out that Autodesk’s shares have fallen over 7% this year, compared to a modest 1.8% drop in the S&P 500.

Autodesk’s Response and Future Plans

Autodesk has stated that its strategy is working and pointed to the addition of two independent board members in December 2024. The company expressed openness to meeting with Starboard’s nominees but raised concerns about the selection of candidates, questioning their alignment with Starboard’s opportunistic interests.

Starboard’s push for change is seen by some investors as a potential catalyst for increased cost management, enhanced accountability, and a greater focus on AI and cloud technologies, which could create value and improve Autodesk’s financial outlook.

Autodesk has already offered the hedge fund a chance to participate in the process that led to the appointment of the two new directors, including former Kraft Foods CEO John Cahill and Emerson’s COO Ram Krishnan.

AustralianSuper Sells Stake in WiseTech Global Over Leadership Transition Concerns

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AustralianSuper, Australia’s largest pension fund, has exited its position in logistics software giant WiseTech Global (WTC.AX), citing dissatisfaction with the company’s handling of founder Richard White’s leadership transition. The pension fund sold approximately A$580 million ($366.2 million) worth of shares, closing its 1.9% stake in the company over the past few weeks.

Leadership Transition Raises Concerns

The decision comes after White, the company’s largest shareholder, stepped down as CEO in October 2024 following media reports of allegations related to his personal life, including payments to a past sexual partner. In his absence, Andrew Cartledge, the firm’s finance chief, was named interim CEO.

In February, White made a surprise return to the company’s leadership, assuming the role of executive chair. However, the transition was further complicated in March when White admitted to incomplete disclosure regarding his personal relationships to the board. A review revealed that his statements had been inaccurate, incomplete, and misleading.

AustralianSuper’s Statement

AustralianSuper expressed dissatisfaction with how WiseTech handled the transition, particularly the lack of a clear and sensible plan that balanced governance with managing the founder’s role over time. The pension fund emphasized that it required more assurance regarding the transition’s governance, which led to its decision to sell the stake. While the fund has exited for now, it stated that it may reconsider its position should circumstances improve.

WiseTech Global’s Response

WiseTech Global did not immediately respond to a request for comment regarding AustralianSuper’s decision.