Less than a year into the job, and with a mega merger looming, Paramount president Jeff Shell is exiting the company. The executive is set to leave the company imminently, according to multiple sources familiar with the matter.
In a statement, Paramount’s board of directors said that Shell is stepping down as president of the company and from the board “to focus on this lawsuit” brought by high-stakes gambler RJ Cipriani, the man who made claims against him.
Shell had been facing an internal investigation after the notorious gambler and whistleblower alleged that he disclosed non-public information about the company.
Paramount said that the “complete and thorough” review, led by its board with the assistance of outside counsel, cleared Shell of any wrongdoing.
“The facts demonstrated that these allegations do not establish a securities law violation,” Paramount stated. “Mr. Shell promptly notified PSKY of these accusations and is taking forceful legal action. PSKY and its named Board members will respond in the proceedings to the frivolous and baseless claims against PSKY and its named Board members and stockholders.”
Cipriani sued Paramount and Shell, with Shell also suing him. Cipriani claimed that Shell gave him private information about Paramount’s deal with UFC, and failed to pay him for services he claims to have rendered.
Shell joined the company last year, working with CEO David Ellison has his Skydance sought to complete its acquisition of Paramount. After the deal closed, Shell was named president, handling many of the company’s operational lines of business.
His hiring was meant to complement Ellison by bringing a veteran operator in the company, though other executives, like COO Andy Gordon, have also stepped up their presence in the C-suite.
He also previously served as CEO of NBCUniversal, but was let go after claims of harassment were made by a former CNBC anchor. One source said that the public scrutiny he faced played a role in the decision to step aside imminently.
R.J. Cipriani on March 9 at Via Veneto and Churros Calientes in Santa Monica.
Photographed by Daniel Prakopcyk
