(LR) Michael Cavanagh, then-Comcast’s financial officer, arrived at the annual Allen & Company Sun Valley Conference in Sun Valley, Idaho on July 9, 2019, in discussions with Comcast CEO Brian Roberts.
Drew Ander | Getty Images
Comcast On Monday, he was named co-CEO named Mike Cavanagh alongside longtime leader Brian Roberts since January.
Cavanagh, who is currently president, will also be appointed to the then Comcast Board of Directors. Roberts remains as the company’s chairman and co-CEO.
“Since joining Comcast 10 years ago, Mike has proven himself a reliable and supportive leader,” Roberts said in a statement. “He is the ideal person to help us lead Comcast as we manage the pivot we do to drive growth across the company. Mike and I work seamlessly together.
Cavanagh previously served as Chief Financial Officer for Cable Giants, consisting of Broadband, Cable TV, Mobile Company and NBCuniversal. Before Comcast, Cavanagh was co-CEO of JPMorgan’s corporate and investment banks.
“Comcast is a special company with exceptional business 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 the industry,” Cavanagh said in a statement.
Comcast’s stock was essentially flat in early trading Monday after its announcement. The stock price has dropped by about 15% so far this year. From October 2022 until today, Comcast’s shares have increased by around 9% during his tenure as president of Cavanagh.
Cavanagh has long been seen as an obvious heir to Roberts by industry insiders, CNBC reported this year.
In 2022 he was promoted to Comcast’s president, and his role expanded several months later when Jeff Shell finished his role as CEO of NBCuniversal. Cavanagh was never officially appointed CEO of NBCuniversal, but took over direct leadership in the company’s television, film and theme park units.
Since then he has been embedded in the NBCuniversal business and oversees many changes in the department, including restructuring and spin-outs of NBCuniversal’s cable television networks, including CNBC, MSNBC, Golf Channel.
The company’s new corporate leadership structure reflects that. Netflixa runaway streaming leader.
Funding to the forefront
In 2023, Netflix promoted Greg Peters, formerly the company’s chief operating officer, as CEO-CEO along with Ted Salandos after the announcement that Lead Hastings was backing. Sarandos has been in charge of content for a long time, but Peters’ focus has focused on growing and streaming Netflix, expanding its partnerships and expanding its international footprint beyond DVDs.
Netflix’s media business disruption has helped shift the industry to a crop of new financial and operational oriented leaders at the top of entertainment companies.
Warner Bros Discovery Earlier this year, it was split into two businesses consisting of Warner Bros., a streaming platform and studios, and Discovery Global, a TV network business. Warner Bros Discovery CFO Gunnar Wiedenfels will take over as CEO of Discovery Global after the split.
Meanwhile, Comcast’s business has faced a variety of headwinds in recent years.
The increased competition with alternative providers such as 5G and so-called fixed wireless has led to increased pressure on wideband. Second, Comcast and its companions struggle with slowing down the growth of subscribers.
In July, Comcast reported losses of 226,000 domestic broadband customers in the second quarter despite changes in market strategy earlier this year.
Comcast is expected to report its next quarterly profit on October 30th.
Disclosure: Comcast is the parent company of NBCuniversal, which owns CNBC. Bersant will become CNBC’s new parent company with the Bersant spin-off planned by Comcast.
