Paramount Global is reshuffling its board of directors, including the proposed addition of former Spotify and Condé Nast executive Don Ostroff, who will serve as an independent director, the company announced Friday as it filed its annual proxy statement. Have done The filing also states that Bob Bakish could earn $31.5 million under a new pay package.
Ostroff’s appointment is pending a stockholder vote that will take place at Paramount’s 2023 annual shareholder meeting later this year. She left Spotify earlier this year after the music streamer announced layoffs.
Bakish, who serves as chairman of Paramount Global, could receive a pay raise of up to $31.5 million as a result of the $16 million stock grant. His cash salary will remain at $3.1 million. There were other pay increases across the board, with CFO Naveen Chopra getting a $2.5 million to $6.5 million raise, and VP Christa D’Alimonte’s pay package increasing to $5.7 million, up from the $2.5 million she received in 2021 More than.
“We are thrilled to welcome Don to Paramount’s board at such an exciting moment in our development,” Paramount Chair Shari Redstone said in a press release. “We are confident that his leadership, diverse expertise in content strategy and his long track record of driving change will prove invaluable as we look to continue to build on the success of Paramount’s global multiplatform strategy.”
Ostroff served as Chief Content and Ads Business Officer at Spotify from 2018 to 2023. During that time he oversaw Spotify’s global advertising business as well as the company’s music and audio content business.
The company also announced that directors Candace Beineke and Ronald Nelson will step down at the annual meeting on May 8, 2023.
“We are very grateful for Candace and Ron’s years of dedicated service and partnership,” continued Redstone. “His guidance and expertise were instrumental in navigating key milestones and developing the company to compete and lead in today’s media landscape.”
Besides Ostroff, all other nominees on Paramount’s board currently serve as directors.