A general view of the Paramount Pictures studio and its iconic water tower in Los Angeles, California, US on February 27, 2026.
Mario Anzuoni | reuters
Jeff is stepping down as chairman of Shell. Paramount Skydance Corporation Following a lawsuit he was charged with Securities and Exchange Commission violations.
The company said it found no SEC violations. Paramount said in a statement that the claims were “baseless” and said Shell was taking “forceful legal action”.
“Consistent with Mr. Shell’s commitment to prioritizing the success of PSKY, he has decided to transition from his positions as Chairman of PSKY and a member of PSKY’s board of directors to focus on this litigation,” the company said in its statement. “PSKY is grateful for Mr. Shell’s many contributions and for relying on him as a valued advisor.”
Shell did not immediately respond for comment.
His future at Paramount is in question after the company’s defeat Netflix In a bidding war in February for the acquisition warner bros discovery. CNBC reported last month that the WBD acquisition would bring in several new executives and that Shell, which was not involved in negotiating the deal, had no defined role in the combined company.
Shell came under scrutiny after gambler and whistleblower RJ Cipriani filed a $150 million lawsuit alleging it shared confidential information in violation of SEC rules.
Shell previously left his role as NBCUniversal CEO in 2023 after admitting to having an “inappropriate relationship” with an employee.
– CNBC alex sherman Contributed to this report.
