Paramount Global has confirmed that four executives will step down during the company's annual meeting in June. These executives are Dawn Ostroff, Nicole Seligman, Frederick Terrell, and Rob Klieger. The Hollywood Reporter reveals that Paramount has told its shareholders that Ostroff, Seligman, Terrell, and Klieger will not stand for reelection. This significant business move, which could alter the look of Paramount Global's board of directors, will occur on June 4, but it has yet to be determined when the four executives will officially leave the company. This move would reduce the company's board to seven directors from 11. The remaining shareholders are Robert M. Bakish, Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips Jr., Shari E. Redstone, and Susan Schuman. CNBC reports that if the merger occurs, Skydance would own either a substantial minority stake or a majority stake in Paramount Global.