Jeff Shell leaves Paramount after allegations of SEC violations; company calls claims 'baseless'

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Jeff Shell is leaving his position as president of Paramount Skydance Corp.

after a lawsuit accused him of Securities and Exchange Commission violations.

The company said it did not find an SEC violation. Paramount added in a statement that the claims were “baseless” and said Shell is taking “forceful legal action.”

“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,” the company said in its statement. “PSKY is grateful for Mr. Shell’s many contributions and to have relied on him as a valued advisor.”