CBS News' CEO quit in the latest blow to '60 Minutes' — read the memo

• Wendy McMahon is quitting CBS News, citing disagreement with parent Paramount's direction.
• Her exit follows that of "60 Minutes" vet Bill Owens, and raises concerns about the show's future.
• CBS is facing legal issues with Trump, affecting its merger plans with Skydance.

"60 Minutes" is left without another key ally as CBS News head Wendy McMahon has quit, citing disagreement with the company's path forward.

Her exit is the latest shocking turn of events in CBS parent Paramount's ongoing face-off with President Donald Trump.

"It's become clear that the company and I do not agree on the path forward," McMahon, president and CEO of CBS News and Stations and CBS Media Ventures, wrote in a memo obtained by Business Insider. "It's time for me to move on and for this organization to move forward with new leadership."

Her departure comes a month after "60 Minutes" longtime executive producer Bill Owens quit the prestigious news program, saying he could no longer run the program independently.

At the time, Owens said McMahon had "60 Minutes'" back, while McMahon praised Owens for his "unwavering integrity, curiosity, and a deep commitment to the truth." She said then that CBS remained committed to "60 Minutes" and would ensure that its mission and the work remain a priority.

"It is not a good sign," a "60 Minutes" employee told BI. "She and Bill were very close. Feels like he was the first target and they wanted her gone, too. But they spread it out. Also, they waited until the '60 Minutes' season was over, by hours."

The employee expressed concern that the promises McMahon made to preserve the work of "60 Minutes" and promote from within to succeed Owens could go by the wayside.

CBS is in talks to settle a $20 billion legal battle with President Trump. Last year, he sued the network over its "60 Minutes" pre-election interview with then-Vice President Kamala Harris.

The legal trouble has cast a shadow over the CBS parent company Paramount's long-standing plan to sell to the Hollywood production company Skydance, which requires FCC approval.

Trump and his allies have repeatedly targeted the mainstream press.

CBS CEO George Cheeks praised McMahon in a memo that was also seen by BI, saying her contributions improved the network's local news, competitiveness, and streaming operations. He said CBS News president Tom Cibrowski and CBS Stations president Jennifer Mitchell will report directly to him going forward.

For CBS Media Ventures, which McMahon also oversaw, Cheeks said Scott Trupchak, who heads advertising sales, and John Budkins, who oversees programming and production, will report to Bryon Rubin, CBS's chief operating officer and CFO.

Here's the text of McMahon's full memo to staff:

Hi everyone,

Today, I am stepping down from my position as president and CEO of CBS News and Stations and CBS Media Ventures.

This has been one of the most meaningful chapters in my career. Leading this extraordinary organization has been the honor of a lifetime because I got to work alongside all of you. Your commitment to truth, fairness and the highest standards is unassailable.

Championing and supporting the journalism produced by the most amazing stations and bureaus in the world, celebrating the successes of our shows and our brands, elevating our stories and our people ... It has been a privilege and joy.

At the same time, the past few months have been challenging. It's become clear that the company and I do not agree on the path forward. It's time for me to move on and for this organization to move forward with new leadership.

I have spent the last few months shoring up our businesses and making sure the right leaders are in place; and I have no doubt they will continue to set the standard.

You are in incredibly good hands with Tom, Jennifer, John, Matt and Robert. They are phenomenal leaders and people who will continue to protect and celebrate your work. I am sure of it.

To George: Thank you for this opportunity.

To our viewers: Thank you for your trust. You hold us accountable, and you remind us why this work matters.

To the CBS News and Stations and CMV teams: Thank you for your passion, your professionalism and your partnership. It has been a privilege to walk this path with you.

Wendy