Paramount Skydance confirmed that its former president Jeff Shell exited the company on April 8 and outlined in a SEC filing how much he will be leaving with.
His cash severance will equal the sum of his salary and target bonus, Par said, or about $5 million, according to his employment agreement unveiled last August when Skydance and Paramount merged. That contract set an annual base salary of $3.5 million and a $1.5 million bonus.
Par said today the salary and bonus would be payable “in substantially equal installments in accordance with the Company’s regular payroll practices during the period commencing on the Separation Date and ending on the twelve (12)-month anniversary thereof (the “Severance Period”); provided that no such payments shall be made prior to the Effective Date.”
When he started, Shell also received a one-time restricted stock grant valued at $75 million that vests over five years under the company’s long-term incentive program. It wasn’t immediately clear what he will take away from that.
Par referenced the grant today, noting that the separation agreement includes “the accelerated vesting of a number of restricted stock units (“RSUs”) subject to the RSU award granted to Mr. Shell on August 7, 2025, that would have otherwise vested through the twelve (12)-month anniversary of the date of separation (had his employment continued during such time); and accelerated vesting of a number of restricted stock units (“RSUs”) subject to the RSU award granted to Mr. Shell on August 7, 2025, that would have otherwise vested through the twelve (12)-month anniversary of the date of separation (had his employment continued during such time).”
For clarity, Par said, “the Sign-on Award shall remain outstanding and eligible to vest … on the Effective Date and will be forfeited on the sixtieth (60th) day following the Separation Date if such Sign-on Award (or portion thereof) does not vest on or before such date).”
Specifics may emerge in Paramount’s next annual proxy statement.
Par will continue to cover Shell’s medical and dental benefits for the 12-month severance period.
Shell’s exit follows a lawsuit by professional gambler RJ Cipriani accusing the exec of, among other allegations, leaking insider information. Paramount hired outside counsel, which determined that the “allegations do not establish a securities law violation.” Nonetheless, the company also confirmed Shell was leaving. “Consistent with Mr. Shell’s commitment to prioritizing PSKY’s success, he has elected to transition from his positions as president of PSKY and a member of PSKY’s board of directors to focus on this lawsuit. PSKY is grateful for Mr. Shell’s many contributions and to have relied on him as a valued advisor.”
Almost three years ago to the date, the exec lost his job as NBCUniversal CEO amidst allegations of inappropriate conduct with a female CNBC reporter. In that case, he was fired for cause, forfeiting compensation valued at $43 million.
He emerged at RedBird Capital, a major investor alongside the Ellison family in Skydance’s acquisition of Paramount, and was tapped to be David Ellison’s no. 2 running the combined company. His exit comes as Par closes in on a merger with Warner Bros. Discovery.
