By JD Knapp
Copyright thewrap
Comcast has promoted President Mike Cavanagh to the role of co-CEO alongside Brian Roberts, effective Jan. 1.
In his current role, Cavanagh has managed all aspects of Comcast’s business with Roberts, including its approximately 182,000 employees worldwide and $124 billion in annual revenue. He first joined the company in 2015 as chief financial officer after over 20 years in the financial services industry and permanently took oversight of NBCUniversal after Jeff Shell’s ouster in 2023.
Prior to that, Cavanagh served as co-president and co-chief operating officer of the global alternative asset management firm The Carlyle Group. From 2012 to 2014, he served as co-CEO of J.P. Morgan Chase’s Corporate & Investment Bank, overseeing all investment banking, cash management, investor services and the largest global markets and trading business in the world. Before that, he was the bank’s CFO, for six years, where he helped lead it through the financial crisis.
In addition to the co-CEO role, Cavanagh will be appointed to Comcast’s board of directors. Roberts will remain as chairman and co-CEO.
“Since joining Comcast a decade ago, Mike has proven himself to be a trusted and collaborative leader,” Roberts said in a Monday 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.”
“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 echoed.
Cavanagh’s promotion comes as Comcast is gearing up to spin off its cable network portfolio into a publicly-traded standalone company called Versant.
Shares of Comcast have fallen 29.8% in the past five years, 24% in the past year, 15.2% year to date, 14% in the past six months and 6.6% in the past month.
More to come…
