Paramount Pictures head Brad Grey has resigned after a year of major losses at the studio

Paramount Pictures CEO Brad Grey announced his resignation on Wednesday in a company-wide memo.

Grey resigns following one of the worst years in the studio's history, with losses nearing $450 million, according to The Hollywood Reporter.

There will likely be other major changes coming to the studio's parent company, Viacom, as Shari Redstone, daughter of titan Sumner Redstone, is now in full control of the conglomerate.

Grey, who has run Paramount since 2005, wrote in his memo obtained by Business Insider, that "it has been my honor to work with a group of wildly talented storytellers. The core of our successes has always been their unique ability to entertain and inspire people around the world."

While searching for a replacement, the studio will be run by an interim committee that will report to new Viacom CEO Bob Bakish.

The complete Grey memo is below:

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. I want to wish Shari, Bob and their entire team the best as they embark on Viacom's next chapter.

From the moment I came to Paramount in 2005, I saw myself as a steward of an iconic institution. I never could have dreamed that privilege would last more than 12 years.

In that time, it has been my honor to work with a group of wildly talented storytellers. The core of our successes has always been their unique ability to entertain and inspire people around the world.

Above all, I am indebted to all of you, the wonderful people here at Paramount. Your creativity, professionalism and integrity are second to none. I am grateful to everyone who helped me along the way and I look forward to new adventures.

Thank you.

Best,

Brad