Grey sent out a memo to all Paramount Pictures staff on Wednesday making his departure from the company official. Reports are that he had been working for the past several days to finalize an exit contract with the parent company of Paramount Pictures, Viacom. Grey worked as the CEO of Paramount Pictures for 12 years.
"I am writing to let you know that I am leaving Paramount. I will hand over most of my duties effective today, but will remain engaged in the coming weeks to support a smooth transition. It has been my privilege to be a part of Paramount's storied history, and I am grateful to Sumner Redstone for giving me this opportunity," wrote Grey in the memo. "Above all, I am indebted to all of you, the wonderful people here at Paramount. Your creativity, professionalism and integrity are second to none," continuedGrey.
Just hours before the memo was released, Grey met with Viacom CEO, Bob Bakish, in Beverly Hills. Viacom released a memo of its own and Bakish followed with a personal memo.
"As you all know, one of my top priorities is to address the challenges facing Paramount and ensure the studio has the support and resources required to ensure its continued success," wroteBakish. "Please join me in thanking Brad for his contributions over the years, and I also want to thank everyone at Paramount for all their great work."