It was announced today that Sherry Lansing, Chairman of the Paramount Motion Picture Group, has decided to leave the company when her contract expires at the end of 2005. In the meantime, Ms. Lansing will continue in her current role and assist the company in grooming a successor.
Lansing has been at her post for 12 years now and said, “After a great deal of thought, I informed Tom Freston that I do not intend to renew my contract. In order to effect a smooth transition, I wanted to inform the company of my decision and give them adequate time to find a successor.
“I’ll have been in this job for 12 years and have had the opportunity and the privilege to work with the very best the entertainment industry has to offer,” Ms. Lansing added. “With the greatest team of filmmakers imaginable and the most supportive colleagues at Viacom, I have been able to accomplish more than I could have hoped for in the motion picture business. I move on with great memories, many friendships and few regrets. But now it is time for new challenges. I am extremely excited about the months ahead and planning the next chapter in my life. Meanwhile, there is much left to be done at Paramount and I am looking forward to working closely with Tom and my team on all the exciting projects we have in the works.”
Tom Freston, Co-President and Co-COO of Viacom, who oversees the operations of the Paramount Motion Picture Group, said, “Few have had as long and as successful a career in running a movie studio as Sherry Lansing. She has led Paramount on a remarkable ride with an impressive string of successes. She has been a trailblazer and a great leader and I understand and respect her decision. It has been my privilege to work with her over the years and I plan to draw on her experience as we transition into the future at Paramount Pictures.
“I am excited about the wave of enthusiasm and creative energy that is building at Paramount,” Mr. Freston added. “We have an impressive pipeline of films and a strong, dynamic management team. I intend to move ahead aggressively to identify a successor to Sherry and am happy to have her assistance in that process.”
Sumner Redstone, Chairman and CEO of Viacom, said, “I have the deepest professional admiration and personal affection for Sherry, who I have known for more than a decade. Sherry has been the heart and soul of Paramount Pictures for 12 years and a major contributor to the motion picture industry for more than three decades. She leaves behind a legacy of great filmmaking, including three Oscar-winning films and some of the most popular and profitable movies in history. Sherry has been a great and supportive friend to me and, while I am sad that she has decided to leave us, I completely support and understand her decision to strike out for new opportunities and challenges. She leaves at the top of the game and I am sure she will end up right back at the top of whatever she chooses to do next. And no matter what that is, she and her husband Billy will be my friends forever.”
