Paramount President Jeff Shell is departing the media company amid an ongoing investigation into allegations that he disclosed confidential information related to business deals, according to the company.

Paramount launched an internal investigation following the allegations against Shell, who had been serving in the president role. The company has not provided additional details about the specific nature of the confidential information or deals involved in the investigation.

Shell's departure comes as Paramount continues to navigate various business transactions and strategic discussions in the evolving media landscape. The timing of his exit coincides with ongoing deal-making activities at the company.

The investigation and Shell's subsequent departure represent a significant leadership change for Paramount as the company works to position itself in the competitive streaming and entertainment market. Paramount has not yet announced Shell's replacement or detailed the transition timeline.

Neither Shell nor Paramount representatives were immediately available for additional comment on the circumstances surrounding the departure or the investigation's findings.