By Lillian Rizzo
Copyright cnbc
Comcast announced Monday it’s named Mike Cavanagh as co-CEO alongside longtime leader Brian Roberts, starting in January.
Cavanagh, who currently serves as president, will also be named to the Comcast board of directors at that time. Roberts will remain as chairman and co-CEO of the company.
“Since joining Comcast a decade ago, Mike has proven himself to be a trusted and collaborative leader,” Roberts said in a statement. “He is the ideal person to help lead Comcast as we manage the pivot we are making to drive growth across the company. Mike and I work seamlessly together, and I am thrilled to be partnering with him as Co-CEO and with the rest of our talented management team, for years to come.”
Cavanagh previously served as chief financial officer of the cable giant, which consists of a broadband, cable TV and mobile company as well as NBCUniversal. Prior to Comcast, Cavanagh was co-CEO of JPMorgan’s corporate and investment bank.
“Comcast is a special company with exceptional businesses and an incredible team. It is an honor to work with Brian and the entire Comcast NBCUniversal leadership team during this exciting and transformative time in our industry,” Cavanagh said in a statement.
Comcast shares were flat in premarket trading Monday following the announcement. Shares are down about 15% so far this year. During Cavanagh’s tenure as president, from October 2022 to today, Comcast shares have gained about 9%.
Cavanagh has long been considered heir apparent to Roberts by industry insiders, CNBC reported this year.
In 2022 he was promoted to president of Comcast and months later his role expanded when Jeff Shell exited his role as CEO of NBCUniversal. Cavanagh took over direct leadership of the company’s TV, film and theme park units, although was never officially named CEO of that unit.
Since then he has embedded in the NBCUniversal business and has overseen a number of changes at the division, including a restructuring and most notably NBCUniversal’s spin out of its cable TV networks, including CNBC, MSNBC and the Golf Channel.
The company’s new corporate leadership structure mirrors that of Netflix, the runaway leader in streaming.
