Alison Pepper, a longtime talent executive at CBS News who has recently been in her second run at the Paramount Global unit, will leave following the 2024 presidential election, she revealed to staffers in a memo sent Thursday.

“I have had the privilege of working each day with all of you, many of whom I consider to be like family, as you navigated some of the most impactful news stories of our time with integrity, ingenuity and grit… and I have loved every minute of it,” Pepper said. “But with the seismic shifts facing our organization, I have made the difficult decision to leave CBS News after the election.”

Paramount Global has been seeking to cut $500 million from its budget as it grapples with declines in linear audiences at its cable networks and massive costs to run its Paramount+ streaming service. The company is slated to be acquired by Skydance Media,...